record profit, page-4

Eureka Report have had several interesting articles on LIC's by Scott Francis.

http://www.eurekareport.com.au/ (well worth the subscription I think).

Take a free trial and find them, the latest dated 4 Feb 2008. They are well worth a read and quote figures for Argo.

Here are a few excerpts - "PORTFOLIO POINT: Many listed investment companies trailed the market average in 2007, and did not reward investors for increased volatility.

If I ever doubted the esteemed position listed investment companies (LICs) hold among Australian share investors, the reaction the last time I dared to question them taught me a lesson.

That last article (See Why L-I-Cs can be D-U-Ds) showed that many listed investment companies had produced a return for investors below the market average return. Subscribers were clearly disappointed to hear this news and many wrote questioning the figures: Unfortunately, it was not a once-off outcome. I've been waiting for the next reporting period to see if things had improved. They haven't. Once again, the returns in the six months to December 31 do not measure up to the returns of the average market.

On average, LICs that invest in large-company Australian shares underperformed the All Ordinaries Accumulation index by 6.59% during calendar 2007, and by 2.36% a year over the five years to the end of 2007."