my thoughts.the chart shown in their monthly report, and in...

my thoughts.
the chart shown in their monthly report, and in their website, shows AFI has in fact many times over the years traded at a discount to NTA although for less lengths of time than at premiums.
there has been a proliferation of very low cost ETFs flooding the market in recent years that have attracted a lot of investors.
AFI has sometimes outperformed the market by a little bit but lately the 10 year performance has dipped below the index ( 8.8% p.a versus 9.5% as shown in this monthly report ).
I suspect going forward that AFI will not trade at the big premiums it has before because of the abundance of ETFs.
Sentiment has in general moved away from LICs towards ETFs because of concerns about underperformance as well as frustration over so many LICs trading at discounts.
As for premiums, why on earth would you buy a LIC at a premium ?
The double digit premiums that AFI traded at for much of last year were ridiculously unjustified.
AFI never holds a portfolio of stocks that can shoot the lights out in performance.
I watched AFI and it's stablemate MIR trade for years at premiums but refused to touch them, but have recently bought some at a discount for long term hold. If you buy these at a discount to NTA I think you'll do OK in the long run.