Exactly. The premium/discount to NTA is one of the key drivers...

Exactly. The premium/discount to NTA is one of the key drivers of relative value in the LIC market. Although it is underperforming LIC's that generally attract a bigger discount, this is not always the case.
Sometimes even good managers trade at 15% to NTA (I would put Forager FOR in this basket). This provide two ways to win, closure of the discount gap, and if this doesn't happen, the exposure to a diversed stock portfolio and quality manager.

If you think that paying a premium to NTA is the smart thing in LIC - you do this, probably pay +20% if this is your bag. (HM1?)
Or perhaps even better, just pile your money into speculative tech or services business in the ASX a near-zero book value (+100% premium to NTA - awesome!)

I not overly bullish on WAR at the moment. Though I believe WAM have proven themselves in the LIC space in the long term. So will get this right eventually. If the discount were to grow to 15% (especially if NAV is growing).... then I would be loading up.
As I've said before - the discounts multiply.... so if you consider the WAR valuation on a 'look through' basis. You get exposure to stocks at potentially a 30% discount. Significant Arbitrage.

DYOR. Not advice... my opinion. etc etc