Ann: Monthly NTA & Investment Update - 31 May 2021, page-7

on performance figures certainly yes.
Bell Potter LIC review end of May
https://www.firstlinks.com.au/uploads/Education/2021/LIC-Weekly-Report-Indicative-NTA-28-May-2021.pdf
see page 6
AFI beats ARG on short term and long term in both pre tax NTA and share price figures ( both including dividends reinvested ).

Also note that AFI in the past year did not reduce it's ordinary dividend
but ARG did, from 33cps in 2019 to 30cps in 2020 , a 10% cut.
Also after the GFC, ARG reduced it's ordinary dividend from 30cps in 2008 to 27 cps in 2009 and 25cps in 2010 and took until 2016 before
restoring dividends back to 30 cps
AFI on the other hand maintained it's dividend at 21cps from 2008 - 2012 before then increasing it
therefore I think AFI is better at maintaining it's dividend stream smoothly which a lot of LIC investors like.
As for sustainabilty, AFI has a bit higher number of years of dividend coverage ( accumulated profit reserves ) than ARG.
https://www.firstlinks.com.au/lic-dividend-coverage

Also AFI stated in Oct 2020 that they will invest up to 1.5% of it's portfolio in international quality stocks and will consider whether this represents an opportunity for their shareholders and others to invest in this global portfolio directly ( i.e maybe a separate global LIC ? )
And AFI has streamlined it's portfolio in the past 2 years down to 61 stocks and it's portfolio now includes exposure to growth stocks in the market
more so than ARG. Both of these features say to me that despite it's larger size, the management of AFI are more nimble and willing to adjust the portfolio to suit the times rather than be a boring old-style banks, Telstra and BHP index style fund. A comparison of the top 20 - 25 stocks
in the latest monthly reports shows a more appealing growth orientated portfolio in AFI , to me anyway.

the main downside to AFI is that the market appears to recognise that it is superior to most of the other old style LICs
therefore is trading at premium to NTA of 3 - 4%, whereas ARG is close to NTA or very slight discount, and MLT, BKI, and AUI are trading
at 5%+ discounts. In recent months in fact AFI has traded as high as a 10% premium which is crazy.
I'd wait for the premium to disappear which, as shown on the AFI monthly reports, happens every now and then
https://hotcopper.com.au/threads/ann-nta-top-25-investments-as-at-31-may-2021.6094457/

AFI and it's stablemate MIR ( which has performed much better but is in small & mid cap stocks ) are my two preferred older style LICs.
https://hotcopper.com.au/threads/ann-nta-top-20-investments-as-at-31-may-2021.6098948/