How is this trading at a premium, page-4

True comment re premium, However, sometimes it trades at a discount so that provides an opportunity for long term investors (ie, 10 plus year investors) looking for income stability (I think AFI has never reduced its dividend since it was first established in 1929).  I just like to note that over a longer term (more than the last 10 years) AFI has marginally outperformed the ASX200.The under performance in the last 10 years or so reflects too much exposure to the banks and too little exposure to those parts of the market that have performed well over the last 10 years.

I hold AFI as a long term investment because of its stability, obtain exposure to essentially the ASX200 and a fully franked dividend stream. I then invest in individual stocks (including exploration companies) some of which do well but some do not so well (and unfortunately some do very badly).