Ann: Change in Portfolio Value, page-14

I don't know llee . You could argue it either way.  The investment rationale behind a share buy-back for a LIC is that "I can't find anything else in the market showing better value than our own shares". I think this is a lazy option, and very likely an incorrect one.  And it still assumes the remaining investments in the fund will perform as expected. From the past 1-2 years it is evident the track record on stock picking is poor.  It would be very different if the fund was in 80- 90% cash. Then the math stacks up.  Will see at next report.