I've done the sums on all the major LICs (the ones I hold,...

I've done the sums on all the major LICs (the ones I hold, anyway) for calendar year 2009 and although the year is not over yet, AUI is the provisional winner by a country mile. AUI had the lowest dividend yield of the six I've looked at (6.7% grossed up) but well and truly offset this with an impressive share price growth to produce a total shareholder return of 46.4%.

Here are the numbers. (All dividend yields are grossed up.)

Stock...Income..Growth..TSR
AFI.....7.6%....30.4%...38.0%
ARG.....7.2%....25.8%...33.1%
AUI.....6.7%....39.6%...46.4%
CHO.....7.6%....20.5%...28.1%
DUI.....7.5%....30.9%...38.4%
MLT.....7.7%....25.9%...33.6%
STW.....5.3%....29.0%...34.3% (this tracking the XJO)

Ave.....7.4%....28.9%...36.2% (excludes STW)

Interestingly, the average LIC provided growth approximately equal to that of the index, but a considerably better dividend yield. This reflects their conservative style such that they generally hold onto cash reserves and avoid excessive debt (or avoid debt completely, like ARG, MLT and CHO) and are therefore able to avoid substantial dividend cuts even in times of financial uncertainty.

I will update all these figures after trading closes on the 31st though AUI looks very hard to beat.