All three LICs are under-scale, and, with the current structure,...

All three LICs are under-scale, and, with the current structure, are likely to always trade at a discount.

There’s a line of thought that an LIC needs a market cap of at least $500m to be taken seriously by the market.

Also at a loss to understand why they have such a concentration of stocks in each LIC, that can be readily identified and replicated, thus avoiding significant management fees….should you be inclined to do so.

Reckon NCC, NSC and NAC need to be rolled into one LIC. It would give the combined group a more noticeable market cap, better liquidity and a broader portfolio of investments, just for starters.

In the absence of doing that, or something, it’s hard to mount an argument as to why they shouldn’t just shut up shop.