Patersons Report into LICs - Confused - Performance Summary

Apologies if this is a stupid question, but I am trying to read the "Patersons" report into Listed Investment Companies.

For the life of me I can't work out the performance summary table.

I have noticed that for a number of LICs their 5 year NTA growth (%) is higher than their 5 year total return (%).

My questions is how can a LIC's 5 year NTA growth be greater than its 5 year total return (%).

My understanding was/is total return incorporates both capital growth and yield. If so, how is a LICs NTA growth a greater percentage than its total return. What am I missing?

Surely, when you add on yield to capital growth it doesn't result in a % reduction.


Below is a link to the report - table is on page 5

http://files.clickdimensions.com/ps...005056830095-7aa91991065c4412bf84925701048c11


Any help would be greatly appreciated.