Ann: Change in portfolio value, page-12

Sorry guys I am not good at explaining myself,

What I tried to say is that I think thethe NTA per share will drop this month due to the dividend payout. It will not drop as much as the whole amount of the dividend due to the things I mentioned. The actual performance of the manager if you exclude the capital stuff is not too bad. The performance of the manager in regard to stock selection is only slightly below the benchmark using my rough calculations.

Another way to explain myself is that the published "gross portfolio" may be a sum of capital management (dividends and share issue/buyback) as well as stock picking performance. I like to consider both, though if other people do not then its sometimes a good long term buying opportunity.

And I also agree that ALF are excellent performers since their listing.

It does not help that all of the LIC managers calculate their own performance in different ways.