I guess it's a basic principle of mine that I don't like LICs...

I guess it's a basic principle of mine that I don't like LICs having cross holdings with one another. I believe that (a) it reduces the benefits which follow from a particular purpose (small caps here) and (b) it undoubtedly introduces a conflict of interest with managers because of management fees. I am not saying that they are up to anything inappropriate, just that I can't simply assess it. I will probably sell my shares which I have held for five years because I am over the related parties dealings that I don't fully understand and cannot price. I just want a simple setup where a management team charges x% to run the show and sticks to their knitting - not opaque (to me at least) management companies, or cross holdings.