Ann: Change in Portfolio Value, page-12

These small underperforming LICs seem to blame their small size for the discount to NTA. But if they were bigger, wouldn't we just see more sellers? I don't know that the ratio of buyers/sellers would magically change.

Look at LSF. Huge fund of $1.3b. They have had a horror 6 months and now 3 sellers for every 1 buyer and trades at 10% discount to NTA.

WAM Global has performed OK slightly outperforming benchmark in a tough few months for markets. Now much more sellers than buyers and trading at a discount despite its large size.

To borrow imback's analogy, if the ship was bigger there may be a few more lifeboats but there would be a lot more passengers looking to jump into them.