Quite correct, what I find interesting is when you review a list of LIC's the SP value compared to their NTA can be anywhere from plus a few % (e.g. PGF) to perhaps 20% below the NTA .
LSF appear to be well managed, but are somewhat valued below their NTA - is it that they are still building their reserves & perhaps not producing the Div's that another might be delivering? I do wonder at times, is the money best left with the fund manager which then feeds into their NTA & the Capital Gain will be the SHLDRs reward?
Ann: Net Tangible Asset Backing, page-11
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