Margin yes. Warrants no. Again, conservative use of leverage is...

Margin yes. Warrants no.
Again, conservative use of leverage is key to creating wealth.

As for the fund mentioned, I have not heard of them. I would think investing in a fund that invests in LICS would be double whammy of fees. Owning directly the shares allows you to be in control of how you would like to structure your holdings and your capital allocation of the returns. Holding a good diversified holding of LIC's is no better than holding a great LIC such as AUI, DUI or ARG and continually adding to that periodically.
It is what works for the investor and their appetite for risk in the good times as much as the bad times that defines how one should allocate *their* own funds.