If BRM believed in themselves and thought they were guru investors who could make above average returns one would think they would want as much money as possible to play with .....more money making even more money

But they keep giving some cash back (the rest of divies are paper money by issuing shares) so the investable amount is reduced.

I'd prefer to see a manager making heaps out of a ever growing fund (after all it is a closed fund so no redemptions)