Something going against these old style LICs is the proliferation of low cost ETFs and exchange traded managed funds. Betashares, Van Eck, ETF securities, Vanguard, Magellan. etc, so many to choose from.
These did not exist years ago when the only way to achieve low cost ASX listed diversification was via Argo, AFI etc. But the old style LICs have underperformed the index for the past 10 years. Disappointing.
Also with ETFs and exchange traded managed funds you don't have discounts and premiums to NTA to worry about. I think the discounts will continue.
NTA 31st of March, page-8
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