Yep. And 6 months since your post it's up by 1c. Also, since...

Yep. And 6 months since your post it's up by 1c. Also, since listing in 1995, the capital return not inclusive of dividends has been 13%. Now that's what I call a shocking investment. Mind you, if someone had picked this up at the covid lows, you'd have capital appreciation of 24% over 4 years. The only time it's outperformed the index has been over the past year. Even the index has smashed this over 3, 5 and 10 years. AFIC's traditional LIC has outpaced this. Now that's saying something. Even the MER is ridiculously expensive for a LIC and 3 times that of AFI. It's almost as expensive as NDQ which has gained 337% capital appreciation over the same time period as DJW. But hey, the team over there at DJW (see AFIC) like to factor in fanciful numbers related to discount to NTA as some sort of measurable return.

Speaking of reliability, DJW has consistently reduced its dividend since 2015. For a LIC, that's surely got to make this a terrible investment idea. Performance wise, it doesn't even compare to DUI, AUI, ARG, AFI, WHF, BKI which are all cheaper.

Each to their own I suppose. But you are 100% correct in saying that returns won't be spectacular and 100% incorrect in saying reliability is *prime*.