Since Inception Net Return., page-13

Thanks for suggesting ALF, I hadn't seen them before. They look good to me. I like they give their returns net of fees. Personally, I find presenting gross of fees misleading, it's easy for me to imagine one day such LICs will be smacked by regulators then by class actions. So I steer clear.

I calculated the NTA growth since inception of ALF. Our numbers differ a little, omitting franking credits I calculate 12.6% p.a. since inception, or 1% average per month. Again fully participating in the DRP (when available), otherwise buying at close on the payment date.

I considered the two options that expired in-the-money to contribute $0.06 /share on 31-Oct-07, and $0.29 /share on 30-Sep-14, perhaps you decided differently, which explains the difference?