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While they are passive in their style, it also means they are passive in their defense of the assets.
That is, the underlying equities in the fund will still take a hit in a down market, and then under perform in an uptick.
Essentially, it all depends on the rate of CGT that the shareholders will pay on their gains if the company is liquidated.A formal liquidation must be done by a specialised accountant called a “licensed insolvency practitioner”.It tends to be expensive (not least because in some circumstances a licensed insolvency practitioner can become personally liable to the company’s creditors if he gets things wrong!), but it is sometimes necessary due to the nature of the company’s business – ask your accountant to advise you.This form of liquidation is also known as “striking-off”, or “an ESC C16”.