I think AFI is overrated, I quite like the AUI mix, the low costs and the associated discount to NTA so I've loaded up on that and (much less so) CIN over the past few months.
Sure there is less liquidity and underperformance for periods but I already hold stocks where I think AUI has key gaps (e.g. Macquarie and Sonic) and performance of AUI NTA per share over an extended period is quite respectable.
I don't particularly like the CIN mix but I wanted some further exposure to entertainment recovery (e.g. via EVT) and felt the crazy CIN discount to NTA might be a good way to play it. So far it's worked out well and I'm expecting better when we see the impact of EVT's return to health has on CIN's dividends over the next 12 months.
AUI also maintained a progressive dividend, even during COVID so can't see any reason to pay the relative premium for AFI.
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