choices ahead, page-13

sgoni - don't want to steal your thunder but here are some numbers on recent discounts to NAV:

12 months to 17 Dec 08:

Fund of Funds
EBI Avg -27.38% Hig -15.53% (30/6/08) Low -51.55% (28/11/08)
HAP Avg -26.22% Hig -13.92 (30/9/08) Low -35.27% (31/3/08)

International LICs
PMC Avg +0.67% Hig +12.49% (30/5/08) Low -18.12% (31/10/08)
AGF Avg -22.64% Hig -13.51% (29/8/08) Low -33.33% (28/11/08)

Australian LICs
AFI Avg +1.49% Hig +7.42% (31/10/08) Low -5.39% (31/3/08)
ARG Avg +7.6% Hig +18.56% (30/6/08) Low 0.12% (31/12/07)

FoF, for all the reasons previously mentioned in this thread, generally trade at higher discounts.

International LICs, especially the newer (less proven) ones, trade at high discounts too.

Guys like AFI and ARG who have been listed for decades, have track records, dividend history, etc are treated a bit kinder by the market.


NOTE: Of the stocks named I hold AGF and HAP.