Hey @PeregrineCapital

I have always thought why would most of these Aussie based funds have an edge in large liquid International markets? There are some smart managers amongst them so my conclusion is they would have somewhere between no edge and a very small one. So going forward I would expect them to match their index after the 1% fee with less volatility.

(In hind sight you could have been in an index and donated 1% but going forward I don't think that will do better)

IMO The product is solid and becomes attractive at a 'big discount' to NTA, but I see little reason to hold it at NTA and certainly not at a premium.