That's cherry-picking the only time range in that table where...

That's cherry-picking the only time range in that table where the outperformance is negative, ie: underperformance, and even then it's only -0.2%. But you're right, it is the gross performance and it's pretty shameful that they don't report the net performance and SP performance in tables like this. It borders on misleading!

The sharesight checker helps to get a true picture based on SP performance including dividends, and CDM loses out to VAS on the 5-year range (7.21% p.a vs 9.54% p.a).

The 10-year range is harder to compare because the VAS timeline starts after the GFC dive and CDM starts just before. If VAS started at the same position I think CDM might win.

The overall 10-year return of 8.61% annualised is not too bad when you consider they're not always fully invested. I think if you take their advice and only buy in when it's at a discount or close to NTA, it's not a bad LIC. Over some time ranges it will beat the index, as long as you don't buy at a premium (I've done it before, same as peejay2 and I regretted it. Never again).

5 year


10 year