No - I'm not selling my MGF or MHH shares (I do not own MFG - the manager), however I am also not adding to those funds at this point, except via the partnership offer with MGF (which I participated in).  They can be cyclical.  Because Hamish tends to have a high IT (tech) focus in his portfolios, when tech stocks correct, his funds will usually underperform other funds.  I back the guy to navigate through this succesfully, as he has done on many other occasions.  I hold those MGF and MHH shares in a small portfolio that I manage for my kids (as well as FGX) and that PF (portfolio) has a 30 year+ timeframe.  I believe that the returns from it will be pretty good over that sort of timeframe.  As far as MFG (the manager of the funds) goes, I wouldn't be buying them.  They won't be earning much in the way of performance fees at this point, and they are funding the various discounts and offers that they are extending to their unitholders in their various funds.  That's great for the unitholders of those funds, but not as good for the shareholders of the manager, Magellan Financial Group (MFG).  If you hold them already, I don't have an opinion on what you should do.  It would depend on what you bought them for (income, growth?), and what your investment timeline/horizon is for that investment, and if you think there are better opportunities elsewhere over the same period.

I think LICs such as MGF and fund managers including MFG are facing competition from global ETFs which seem to have a broader appeal and transparency while evolving from just simple index trackers and I think this is causing the weakness. There are so many ETFs it is just mindboggling. Plus ETFs tend to track the performance of the share basket more closely and you know what you are getting unlike LICs. It's why I switched into ETHI from MGF. But I am still keeping TGG for now because they hold some global companies I like and appear more nimble and also AEF because of their performance of their ethical fund products are still quite good which drives the growing of FUM (funds under management).