The NTA accum was a 9.6% gain for the year vs 11.9% for the asx300 accumulation index, so not a horrible result. Because they're bank heavy it's most likely a result of that sector under-performing + the CHO merger adding additional costs. Add in the increasing discount to NTA (which is pretty wide-spread across all LICs) and that's what you're left with..
I was more worried by this quote by one of the directors in a recent announcement:
'We are currently considering alternative ways of assessing the performance of LICs and promoting this to investors and advisers so that the benefits of an investment in a LIC are better appreciated by all.'
Almost sounds like they want to turn into a retail fund.. what exactly is hard about comparing an increase in Net Tangable Assets + dividends against an accumulation index..
march 2009 lows, page-2
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