"let's not forget that lots of LICs, as well as the market as a...

"let's not forget that lots of LICs, as well as the market as a whole, reduced their dividends during the GFC and again during the COVID crisis,
whereas AFI was one of only a few LICs that maintained their dividends throughout.
not reducing your money is just as important as growing it."

That's a furphy. It's true that AFIC didn't reduce or cut their dividends. But what about the bigger picture? You need to take into account that the AFIC dividend has risen by an average of 1.42% over a 14 year period. The VAS dividend per share in 2020 was $2.16 (+0.68C Franking Credit), 2021 $3.16 per share (+$1.05 franking), 2022 $6.30 per share (+$1.71 franking), 2023 $3.50 per share (+$1.26 franking) which equates to dividend yield at the current price of 5.6%.

But I get it. There's investors out there who rely on the security of their dividend payments and that's how LIC's are marketed. Smoothed out dividends equates to minimal growth. "Not reducing your money is just as important as growing it" - AFIC Don't out perform the index. The index outperforms AFIC.

ETF's are cheaper and far more efficient. You get what you pay for. Probably just better off owning CBA and BHP and collecting the fully franked dividends instead of AFIC who prey on the false sense of "security".

Times are changing.