aui leading the charge for calendar year 2009, page-6

I've only been looking at CIN for a few months... theres no urgency to that discount it has swung back and forth a fair bit but has been consistently heavily discounted in that time... maybe between 15% and 22% at a guess but don't quote me on it.

CIN has been around a long time and long term graphs suggest it hasn't underperformed the others. Shorter term (few years) it seems it has underperformed on share price as it has moved to the current heavy discount. This paragraph from a Eureka report comments on this fact:

"At the start of 2007 Carlton was trading at a 4.96% premium to the after-tax value of its assets. By the end of the year it was trading at a 4.43% discount. Choiseul started the year at a 25.25% premium but by the end of the year the premium had eased to 17.84%."

CHO is the only other LIC amongst these that has a significantly overweight stock (SOL) and interestingly it is the next most consistantly discounted of these LICs in recent times. It suggests shareholders have a strong disliking to overweight investments.. strangely so much so that the overweight investment itself is almost fully discounted. This may be assuming too much though given the large historical swings in premium/discount in every LIC. This is how I'm explaining the discount myself, but I thought it wouldn't to see if you had another opinion. Always concerned the market may know better.