The return they are quoting is the investment from the manager's point of view and not the return from the shareholder's point of view.
They have taken the NTA increase plus dividends as the return.
Us investors are stuck with market price to crystalise a return which will be much lower due to the current discount to NTA. The discount at October 2020 was 10.8% but at the end of last month (April 2024) was 17.4%.
One the tricky things with this stock is how the NTA is calculated. Most LICs can use the month end market price but this one has 100% assets which are not listed on any exchange. The NTA has to be set by some other means. Note 6 in the latest half year report says the mainly use the last sale price of the unlisted/private trusts they invest in. How often these trusts have a sale is not specified.
On the other hand, WMA invests in stuff we could not get to on disallowed.
Happy investing
Ann: April 2024 Investment Update, page-5
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Last
$1.07 |
Change
0.015(1.43%) |
Mkt cap ! $208.5M | |||
| Open | High | Low | Value | Volume |
| $1.04 | $1.07 | $1.04 | $55.34K | 52.69K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1169 | $1.04 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.07 | 31249 | 2 |
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| Last trade - 16.10pm 07/10/2024 (20 minute delay) ? |
| WMA (ASX) Chart |