Q: Are we right therefore in suggesting that the only real issue with ESCT is with Janus Henderson AM and what they did to NAIT, rather than any issue with ESCT?
A: No, the issues with ESCT are two-fold: 1) it delivered a -13.5% 3yr avg discount to NAV and 2) say what you will about its performance, but the fact is its investors clearly wanted out, as evidenced by the outflows it has suffered. If they would have taken action 1-2 years ago we would not be here but they put their greed over your portfolio value.

The NAIT example should give any shareholder pause – how could @JanusHenderson criticize Saba’s liquidity plan when it offered NAIT investors ZERO liquidity when it took over as manager in 2024?