Ann: Net Tangible Asset Backing, page-2

As of 28 Feb 2021:

CIN Pre-tax NTA: $34.76
CIN Post-tax NTA: $29.16 (assuming it sells which it claims it never plans to and the tax is returnable as franking credits anyway)
EVT at 28 Feb: $11.46

As of 2 March EVT (34% holding) is trading about 2% down. But the rest of the portfolio is about 2% up.
- Thus net it out even as of now but re-calc as needed this month.

CIN SP at 1:45pm 2 March = $27.4
That makes CIN at a discount to Pre-tax NTA of 21% (for the LIC with the lowest fees in the market)

So how bright are the folk paying a 5-10% premium for AFI, ARG and WHF?

Obviously, not smart enough to hedge out the EVT risk using a CFD or just set up a price/announcement alert on EVT.

More interestingly, I wonder why a LIC trader fund like Affuence or similar doesn't just routinely hedge out the EVT overweight and just trade the CIN discount. 21% is ridiculous if hedged. As CIN trades nearer to about 12% minimum discount sell it off (most hate the EVT overweight so it will always trade at a discount).