Why not higher?, page-4

Actually around 2/3 of ASX-listed LICs trade at a discount to NTA, though only 1/3 of them at discounts like HHV's (or bigger).

If you want an investment portfolio like that of Global Value's - small-to-mid-cap value equities, around 60% overseas and 40% Australian - and you think Sirtex is a good investment, then this seems a decent buy. Even if the discount to NTA never goes away, it means the dividend rate is going to be ~10% higher than you'd get holding the companies involved directly (and the buy-back should stop the discount getting much worse than it is). Which compensates for the relatively high management fee (compared to something like AFIC).