Ann: Change in portfolio value, page-17

Let me bore you with more numbers...

My guess is that ALF will come in at about 15% premium of end of month price to NTA (after tax) when they release their NTA. That was $1.59 price and it and the NTA are different today.

Since listing there have been 129 published NTA ex tax figures. 23 have been at a premium to month end price and 106 have been a discount to the end of month price.

Now, as a comparison, AFI has never been a discount in the same period. I put this down to its size and long history. Its ex-tax NTA is already published and shows 19.7% premium. The question for me is whether ALF has joined the group of LICS with a almost permanent ex-tax premium. I am confident it performs better from an investor point of view.