These small underperforming LICs seem to blame their small size...

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.