"Know they will do better" is a big call although on average you're correct because many LICs are run for profit and (as you say) the majority underperform. The benefits are that LICs can have more scope to use Capital Management (reinvesting a portion of profits, buying back on weakness and even gearing modesty).
My personal preference has been AUI. NTA performance is very competitive on all time horizons, MER/costs are comparable to ETFs and their stock selection (to me) looks very good. They've also had a progressive dividend policy for quite some time and when I last looked were trading on a historically high discount to NTA of 10% or thereabouts which may be one reason for their current buyback.
My next preferred is ARG, then AFI. AFI should have the scale to be the best but imho they seem to deliver very marginal value for their incredibly (on a relative basis) high costs.
This is not a recommendation. Just one other LIC option worthy of consideration.
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