That's a good point. You can't imagine there would actually be a great deal to do on a day to day basis with the portfolio so they need to have relatively low fees as something that sets them apart. Having said that I suppose their performance hasn't been too bad. Havent they slightly out performed the index on a 5 and 10 year basis? A lot of LICs actually slightly under perform (Milton/AMCIL etc.)
Ann: BKI Announces Entitlement Offer and General Offer, page-19
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