AUI has managed to identify and include a growth profile including CAR and REH. Its NTA (not share price) has broadly tracked the ASX 200 over time, discount has expanded recently. I'm happy to park some funds here for extended periods, particularly when I don't want to spend a lot of time studying the market. I believe it's maintained a progressive dividend policy for decades (including COVID) so add in a progressive investment style, a willingness to modestly gear, steadily increasing NTA (I believe they've been beating the market), low MER (0.1%), discount to NTA and a sensitivity to shareholder returns (e.g. the current buyback) I'm relatively comfortable.
CIN has 30+% invested in EVT and their stock selection is rooted in the 1980s, presumably one reason their NTA discount has expanded to 25%. I just picked some up to participate in an expected rerate over time on the expectation EVT dividends (to CIN) will provide for better distributions. It's worked out ok so far if not spectacular (my average is $28) but given their myopic investment style I wouldn't consider it as a sizeable long term investment. I have roughly 6% of my shareholdings parked there which is more than enough whereas I'd be happy to park up to 20% with AUI.
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