Ann: Net Tangible Asset Backing, page-34

Do the managers have a fixed term agreement in place here? Surely the underperformance is becoming pretty indefensible particularly considering it hasn't acted like a "hedge" as planned and slipped again in the recent correction. The share registry can't be that large (although I'm honestly surprised that the market cap is 250 mill as that is probably "medium sized" for an LIC) and it shouldn't be that hard to band together and start agitating for immediate change. Either a complete change of Manager/strategy or wind up should be on the cards