Ann: Appendix 4E - 30 June 2024 Financial Report, page-6

My personal opinion is that a bunch of folk piled into LICs during COVID, resulting in a few trading at a significant premium to NTA and it's been unwinding ever since to the point that even AFI and ARG have been trading at a significant discount. I think ARG is now approaching 10% discount as well.

Relatively thinly traded AUI pushed 14% discount for a while but the recent 8c Special (with an intention to continue in future years) seems to have closed the gap a bit.

Apart from (relative) scale and associated liquidity I'm not aware of any reason why AUI should trade at a significant discount to the others but when people compare it with ETFs that's one thing they don't have to worry about.

My personal opinion (again) is that size can be a problem. I think AustralianSuper has made some poor decisions since it fancied itself as an international player and I haven't discerned any real benefits from AFI or ARG's scale (I still don't know why they need an MER of around 0.15, seems completely over the top to me).

All my personal opinion only and not advice.