Ann: Net Tangible Asset Backing, page-25

On face value, purchasing HML/ HMLO at their current discount to NTA (lower fees, larger scale, longer track record, and potentially similar investment performance) looks to be more attractive.

I'm also skeptical about the benefits of LIC IPOs in general (QVE and AEG are notable exceptions).

I'm going to the presentation in Melbourne tonight, however, and wouldn't be surprised if I'm convinced to rethink the above.