No worries @Zxc I'm tried to look for comparables but only found...

No worries @Zxc

I'm tried to look for comparables but only found forager (FOR) which has at a big premium to NTA. It had a large distribution this year due to realising gains on a few positions.

@Dewy90 is right in that FUM will grow in line with appreciation with the underlying investments however the DRP can only offset the negative affect of distributions on FUM as you stated.

I've seen some LICs  (WAM group) issue shares to make up for the DRP shortfall as method of increasing FUM.