Direct Purchase v Managed Funds?

Assuming I have a long-term focus (which I do).... Why would I buy blue chip shares directly when I have to pay for each buy transaction when I could put my money into a managed fund which has (all but) the same shares in its portfolio that I am looking for? One answer which comes to mind is I can control my portfolio whereas the managed fund might make buy/sell decisions I don’t agree with but is there anything else I am missing?

 

Investing into a fund means:

Ongoing management fees
You generally pay a Buy/Sell spread covering the brokerage costs of the fund
Realised capital gains from Fund trading giving you a tax liability you wouldn't have if you held directly.
Forfeited Franking credits due to funds trading around ex dates

Lastly, not so much on Blue Chips, but there is liquidity risk, funds can freeze redemptions.