@Mudddeeey, For NTA performance I don't count options (or rights...

@Mudddeeey,

For NTA performance I don't count options (or rights issues, SPPs, etc.) for the NTA. I did exercise a load of ALF options in practice. I also use pre-tax NTA because most modern LICs pass on the tax credits as franking. Grossed up the returns are higher to me but do not reflect actual LIC performance.

I use monthly NTA return for month(n) = (NTA(n) - NTA(n-1)+Div(n))/NTA(n-1)

For price change you will get different numbers depending on how you treat options. Over the last fifteen years you have done better to sell all of your options on the day you received them to get the time value. ALF was one of the few that stayed in the money.

You may have compounded into annual returns. It doesn't mater, I just use monthly NTA average for comparison between LICs, ETFs and indexes rather than real price returns. The price data is not very useful going forward because I am buying/selling today and not at the float. For buying and selling I look for the discount after comparing NTA performance. (Discounts are historically small in most cases at the moment). For example, I sold out of ALF when they hit 20% premium to NTA.

Good to see another number cruncher on Hotcopper