Ann: May 2024 Investment Update, page-10

Wooly, the trouble with LICs is that the NTA has little to do with the “value” of the holding.
eg. WLE May have a great portfolio of holdings and be a divvy cow, but the overall price of WLE (being an LIC) is only worth what another investor thinks it’s worth and what they are prepared to pay !
By that I mean, that WLE (the LIC) has nothing to do with the negotiability of a WLE share. It’s all about confidence in the portfolio manager (or lack of it). If the manager performs well, then buyer confidence will be higher and there will be buyers lined up to purchase. If confidence is lost due to poor management performance, not only does the SP go down in line with NTA but there are going to be fewer buyers which is going further push the SP down. No arguement with your figures, but confidence has a lot to do with LICs and, ATM most LIC managers are similarly affected. I guess this is why ETFs and active managers are gaining popularity these days ; if you want to exit the investment, at least you can get out at NTA !