Ann: Net Tangible Asset Backing, page-13

After learning the hard way (is there any other way) there is only one number that matters with LICs and that is NTA. The share price, if different, is emotion. ALF share price has been both sides of NTA in its history and will continue to be so forever. I am attempting to trade a handful of LICs with proven managers (such as Justin Braitling) buying when under NTA and selling when over.
Not my idea...see GVF as an example of this strategy.
I note Geoff Wilson is a director of ALF manager Watermark.