It’s out with the listed investment company and in with the exchange-traded fund for Australia’s best-known stockpickers. On Monday, GCQ Funds, a hedge fund run by former VGI Partners operator Doug Tynan joined the rush for the ASX, launching its Global Equities Complex ETF.

The pitfalls of an old-style LIC is well-known. Fund managers around the country have grappled with how to close big discounts between where they trade and their assets – and the activist investors they bring – for years.