if you look at their chart in their recent Annual report which...

if you look at their chart in their recent Annual report which compares EPS with DPS over the past 30 years,
it is clear that EPS ( red line ) has been below DPS ( blue bars ) consistently almost every year since 2010, in some years by a lot.
this cannot be sustained indefinitely, and it's highly likely the reason that WHF has not grown it's
DPS ( 20.5 cps ) over the past 5 years and has no room for growing it's DPS unless there is a
big increase in it's EPS.
I also think that having 28% in the 4 banks ( AFI, AUI and ARG have less than that ) and zero in mining & energy companies is not sensible.
As per the latest Bell Potter LIC review dated July 2024, WHF's NTA ( including divs reinvested ) has been a weaker performer than AFI, AUI and ARG over the past 5 & 10 year periods. BKI has been even worse over the 10 yr period.
Out of the old school LICs, I use AFI, AUI and MIR.