Yes cutty you're absolutely correct in this regard, you should...

Yes cutty you're absolutely correct in this regard, you should NEVER participate in an IPO of an LIC, as they all (practically without exception) trade at a significant discount to NAV. In fact I fail to understand why there are any exceptions to this, why anyone would pay more than asset value for a LIC is beyond me.

And you're also correct that LSF's NAV performance over nearly two years of - 8% is not good. At all. But as previously documented, all this underperformance happened in 2018, and since then they've been doing more than OK.

And to set the record straight - I AM "disappointed" with their performance, despite your post saying otherwise! But I am not dissatisfied as I understand why and how it has happened. And of course, as you probably have guessed by now, I was not in at the float, but started buying after the discount to NAV opened up.

Anyway, chin up, let's assume for a moment that these boys know what they're doing, and over the course time this will be demonstrated by a rising NAV and closing of the discount.