return our cash!!!, page-4

Without looking into the detail I'd note the following:

* Their stated return is BEFORE fees. So if they average 2% pa (I have no idea if it is this, but most these funds are high) then there is say 12% "performance" taken away by fees;

* You are looking at share price return. They go off NTA. So in the most basic the NTA on listing (after fees ... ) would have probably been 97 cents. So at $1.50 they have around 54% return; (so far 66%)

* Dividends? 35.9 cents (so now a touch over 100%)

The above is not in any way exact, but shows how it is easy to get a number vastly different from the share price movement over the same period.

MJS

PS. For what its worth, I have some smaller individual holdings in companies for fun as limited research time, with the bulk of my money in LICs. BKI has by far the most due to very low management fee - which is important to me, plus good long-term performance. I happen to have a small holding in this that I picked up today due to discount to NTA plus acceptable portfolio return over time. My theory is that NTA discount is high, and a 10 to 15% reduction in NTA discount over a couple of year, plus similar portfolio return, will see strong outperformance. Nothing exciting, but lowish risk.