I am familiar with that. However perhaps I should have been...

I am familiar with that. However perhaps I should have been clearer. I am refering to PGF's TSR (i.e. Total Stock Return), not its portfolio performance. As a shareholder of a Listed Invested Company (LIC), you cannot directly benefit in the performance of the portfolio. Only in the market's reaction to it (SP) and dividend paid. Here is the difference in total return (measured by growth in your investment) between PGF and its unlisted fund counterpart. PGF (green) lags the unlisted fund because the SP has not kept pace with growth in value of its underlying portfolio assets. This is what I mean when I say they need to raise more capital to gain scale, as LICs tend to perform closer to NTA when they have scale. It's not an automatic fait accompli, but it helps.