I agree, the time and effort I already spend researching stocks...

I agree, the time and effort I already spend researching stocks and keeping up with the market probably makes up more than 2% of my returns at a guess. I'm happy if Wilson stocks take that hassle away from me, as long as their long term performance continues.

They put a lot of leg work into investing in accordance with their investment strategies. For instance Catriona was in Japan, the US and Europe this year, if I remember correctly, to physically meet with investment opportunities to discuss and evaluate their businesses onsite. I don't know whether other LIC's do this but that is a more costly exercise than sitting in an office. I hold WAM, WGB and WMI and I cannot complain about very solid returns between the three this year. I agree that reporting after fees may be a little more realistic. I also hold QLTY and ETHI by the way and both have also done very well this year so far.