You gotta be careful when looking at the return on some of those LIC's over the 5-10 years period. According to those figures WAM or Wilsons Asset Management is the key stand out by a significant margin but when you look closely you will find that those returns are gross and include additional contributed equity. i.e. You give them 100k, they loose 10k, they raise an additional 20k and they report the fund is up 10% when in fact the return on your holding is down 10% before the management fee.
Over 10-15 year period quality LIC's like ARG & DUI & MLT have delivered around 11-12% p.a after fee's. I doubt the people who consider these returns 'average' could achieve this with capital in excess of 500K over the same period. The good thing about these stocks is that you can buy the best stocks in the market at often 10% discount, do that and contribute to all SPP's and re-invest all the dividends and you will beat 99% of the market.
