Ann: NTA and Portfolio Report as at 31 October 2018, page-4

AFI and ARG have both drifted into a slight under performance of the index on a 10 year basis in recent times but MLT has consistently been even worse! I don't think enough pressure gets put on them when they promote themselves as solid long term investors but then under perform the index over long time frames (in the case of MLT by pretty significant margins). Surely the shareholders should begin to ask how the strategy will be changing to prevent another decade of under performance? Milton are also woeful at promoting themselves which wouldn't be helping at all in a market where there are so many LIC options to choose from.