"when I can pay

"when I can pay <0.3%pa for the "guaranteed mediocrity" of a trusty index fund"


ARG are better.
MER ~ 0.1% (and getting lower)
They don't have to be indexed, in fact they are not, they are concentrated in the 'right' stocks, ensuring some long-term alpha.
And most importantly, assuming that you keep track of the underlying NTA/share (not difficult) you can restrict your buying when the price is at a sufficient discount.

PS. Despite what was said earlier in this thread, most LICs, including ARG usually trade at a discount to (pre-tax) NTA.
Also, depsite what you here from time to time, the economic value of a LIC is its pre-tax and *not* its post-tax NTA. Those who have received LIC Capital Gains Dividends will be able to figure out why this is the case, else I can explain it later.



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