@Bear77 I am also wary of what the future performance of WAM for the reasons you have articulated much better than I could have. I currently have WAM in my IRL set and forget portfolio and am hesitant to exit and move these funds to an ETF or similar because I have head enough that its likely to wrong time to exit a fund when the has been a lull in performance.

I think at this stage I may just hold and stop adding, but as you said if the dividend drops (which is very likely) then there will probably be some exits from many of the holders who are there for purely the dividends.

Great analysis, thanks.