Ann: Net Tangible Asset Backing 7th April 2017, page-6

AGF was a particular case in that it had dramatically underperformed its benchmark over a number of years and deserved to be wound up - another instance where AMP has not covered itself in glory in recent years. I was following this quite closely as a GVF (who were agitating) investor (and incidentally was living in China at the time).

PGF is different in that investment performance has been fine - in fact performance of corresponding unlisted funds by the same investment team has been stand-out in the longer term - but the discount to NTA is large. The more likely (hypothetical) scenario is that WAM would 'work with' PM Capital to narrow this discount, as they did with HHV.

Internationally focussed LICs seem prone to larger NTA discounts, which I think reflects their yield deficit.