Apologies if this is a stupid question, but I am trying to read the "Patersons" report into Listed Investment Companies.
For the life of me I can't work out the performance summary table.
I have noticed that for a number of LICs their 5 year NTA growth (%) is higher than their 5 year total return (%).
My questions is how can a LIC's 5 year NTA growth be greater than its 5 year total return (%).
My understanding was/is total return incorporates both capital growth and yield. If so, how is a LICs NTA growth a greater percentage than its total return. What am I missing?
Surely, when you add on yield to capital growth it doesn't result in a % reduction.
Below is a link to the report - table is on page 5
