Ann: NTA and Portfolio Report as at 31 August 2020, page-4

MLT used to have a high percentage of its funds in the banks (around 30% from memory), which used to be quite a bit higher than AFI and ARG (the other two big LICs) held as a percentage. I wasn't a big fan of MLT holding that high a percentage in banks, but if you look at its latest NTA report, the banks now make up only 16% of its funds. The percentage is now actually pretty close to the percentage that the Big 4 banks make up of the All Ords Index (15%), and close to what AFI and ARG hold.

MLT now appears to be trading at around 5% discount to NTA, while AFI and ARG are close to 5% premium. Whilst MLT usually trades at a smaller premium or bigger discount than the other two, the difference isn't usually that big, so perhaps MLT is now better value than the other two, relatively speaking.