Is it the end of the Listed Investment Company?, page-78

show me the top stocks in MA1, NAC, NCC, TOP, .... monthly reports make no mention, except some of them quote a handful of "contributors".
some others such as WIC, EGI, OZG, show top 10 , but never the top 20 or 25 like AFI, ARG, MLT, WLE etc do
WIC portfolio top 10 includes Australis Oil & gas, West African resources, Emeco, Western Areas,
Sandfire, MacMahon, Finbar, Orecorp .....yep safe secure blue chips with reliable dividends.....no surprises there is a discount.
yes the underlying portfolio has performed very well in a resources boom, but what happens to small cap miners and their dividends in the inevitable
next resources crash ? not a LIC which most people would be attracted to as a large holding in their SMSF.
by the way, the latest WIC report states the share price is only a 7% discount to NTA lately, not 15%.
TGG is at a discount because the portfolio has underperformed the market for an eternity ( same as the unlisted version )
so why would investors choose it for global exposure instead of MGG, MGE, MFF , as Magellan and MFF ( offshoot from Magellan )
have performed very well for over a decade.
Pengana also does not impress as a global stockpicker. PIA has returned 9% p.a over past 5 yrs versus 13% p.a for the index
and 16% p.a in the Magellan global unlisted fund.
why would I choose PIA or TGG over a Magellan fund or MFF which as well as much better portfolio performance have
far better market liquidity ?
it's true that past performance is not always a reliable indicator of future performance, but do you bet on a horse that
has won lots of races or one that has often finished last ? the racing industry handicaps winners with weights,
whilst the market handicaps LICs it perceives as losers with discounts to NTA.
I don't make these rules but it's too hard to fight the market.