Summary: Having adequately covered the bases, I rarely produce lengthy posts on this blog. However, some recent developments led me to wonder whether a timely single sentence query on certain LICs/LITs could flag the pitfalls, extractions, issues and complexities with ASX Closed End Funds.
So here we go for April 2025.
FPP: What will be the restitution to investors who lost money due to the sheer incompetence of FPP initially only advising a capital return of $0.7775 (no income return) when investors were expecting value near the previously announced $0.9456?
FPC: Given the staggering incompetence Fat Prophets displayed with FPP's liquidation, can FPC investors expect more negligence before it is put out of its misery?
RG8/RF1/VG1: Regal Funds Management, what was the maximum proportion of the portfolios that Opthea peaked at, how does this exposure fit a supposed Asian equity fund (RG8) or Global equity fund (VG1), and how was ASX disclosure on the NTA impact timely (the funds have traded before the first writedown and continue to trade without the second writedown to zero already announced in a non-ASX investor letter?)
RF1: Given at 31 Mar 2025, 60% of the net 89% long exposure is in unlisted assets, how is monthly NAV reliable (without qualification) with major monthly changes in comparative listed assets?
PL8: The latest presentation argues there is "significant evidence that retirees prefer to live off income rather than significantly drawdown on capital," but why does Plato never address the growing risks of its premium, especially given new competition from Whitefield (WHI), Wilson Asset Management (WMX) and listed non-equity income-focused funds?
PGF: Given the recent large premiums PGF often trades at which are due to sharp NTA falls, are you going to caution retail investors as to the risks of buying at extended premiums?
NSC, NAC, NCC: When is NAOS going to properly address the huge risks of the Total Expense Ratio-driven death spiral its LICs are stuck in?
MXT/MOT/MRE: How is monthly report disclosure adequate regarding portfolio exposure to equity and problematic debt?
QRI: How realistic is a NAV with negligible movement regardless of significant changes in risk?
D2O: Why has the actual NTA impact of such a substantial sale of the portfolio not been advised to the market?
TBC...
