interest, page-9

All the LICS talk portfolio returns now

Look at WAM and other LICs- there are so many more shares on issue, NTA and share price return mean less in a table

The irony of that is that the Share Price return is ALL that matters to me.

They also get compared to index returns, which don't account for tax or costs

I've got no problem with a buy back, except it makes the company size smaller- add the 6% dividend that's a lot of money they would be shrinking by. Still, maybe a small one, to nibble the price up??

Perhaps they could open a borrowing window when they think the market is running, or, issue options closer to the money this time, to top up the money they give back in a buy-back

Either way 15% discount is pretty deep I'd like to see it closer to 5%. Maybe if they get it back to 5% they bring in the buy back at 10%?? Would that be self-fulfilling, the market would buy it up if it got to 11 or 12%

Re the costs I'll be keen to see how remuneration works across the entire company now and whether we are subsidising the fund manager, or the manager is making profit in its own right