In their last investors presentation:...

In their last investors presentation:
http://clients3.weblink.com.au/wcnewstemp/01641170.pdf

they gave the return from inception to 30-Jun-15 at 15.5% p.a. - which is elite. They give the out-performance v.s. the small ordinaries accumulation index as 11.3% - again elite.
It seems to me that CTN quotes all it's performance figures gross of fees, charges & taxes. For comparison with other LICs I'd like to know the net change in NTA.

Net of fees & charges I calculate the change in book value as between 9.35% p.a. and 10.8% p.a., depending on taxation treatment. This is the change in book value from $.975 on 30-Mar-04, through to 30-Jun-15, assuming full participation in DRP, and participation in rights/option issues where exercise was at a discount to the price on expiry.

I can't find the exact numbers for the all ordinaries accumulation index, but it looks like it returned 8.6% p.a. over the same period. I understand the all ordinaries excludes franking credits too, so using 9.35% p.a. , I get CTN outperforming by about 0.8% p.a.

So if I think net of fees is the fairest comparison and that the all ordinaries is the better benchmark I get 0.8% out-performance v.s. the stated 11.3%.

I was wondering if anyone has done the work / has seen the answer elsewhere?

Thanks.