I read somewhere a long time ago that the premium/discount to NTA tends to expand and contract according to market conditions. When markets are running, LICs underperform, because punters have the confidence to trade themselves. When times are more uncertain, or even bad, people tend to 'leave things in the hands of the experts'.
Not sure how right or wronmg this train of thought is, but it does seem plausible.
sign of the times, page-17
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