NTA under-performing the index by 5.41% PA since inception. The story is much worse when comparing the share price which has investors in the red at the end of a bull market. Look at the annual report, approx 73% of the portfolio is in ETF's, so you have fees for those ontop of the 1.25% management fee. One of the reasons investors chose an LIC is for active management, if they are just going to dump it into ETF's then why bother.
