well i invested in WAX ( and not the other Wilson offerings despite various opportunities ) strictly because they took opportunities in the small/mid. cap. space ( most of which i would not invest directly in )
WAX in the original mandate ( when i bought in during 2011 ) was a highly active LIC turning over the equivalent of the entire portfolio each year ( sometimes more ) kept back around 20% in cash for sudden opportunities
as i have said elsewhere i don't mind the high fees ( and over-performance fees ) IF they produce the goods most years ( the active managers will always have some poor years in raging bull markets because all the rivals will be riding the same wave )
remember these fundies are going to the presos , looking for rumors , talk of IPOs etc etc looking for the next quick spike in share price
and the great opportunities don't come that often
i bought into these back in 2011 @ just under 70 cents so am not unhappy with them over the last 12 years , but equally i am NOT ready to back up the truck should they drop to 80 cents
WAX still scratches an itch for me but are not a major holding , nor even in my top 3 LIC holdings , they cover a small area i am not good at ( and return ME more than 10% a year plus franking , and i am comfortable with that
times will get rocky again and give them a chance to shine again