Since Inception Net Return., page-7

@BarnyMaroon,

the return quoted by LICs, ETFs and unlisted funds is never straight forward. It is never from the shareholder's perspective (IMHO) and most have fine print of "before fees and expenses". Even from a shareholder's perspective there are several ways to look at it.

I use two measures:

1. NTA change (inc dividends) which represents real ability and ignores discount/premium activity
2. Price change which includes dividend re-investment. This takes the discount/premium action into account and would reflect real portfolio values if you only bought and dividend re-invested (or bought at end of month price if no DRP was active).

Neither take tax into account, that would be a whole different post. If they gross up franking credits the managers distort the numbers even more.

NTA change I calculate for CTN at 0.73% average per month since float. For comparison, WAM's is 0.68% and ALF is 0.86% average per month for exactly the same period.

Price change since float for CTN is +100% since float (exactly doubled your money). For comparison ALF is 129% increase over the same period and ALF is the best one I follow.

I type my own data from the ASX prices and ASX required NTA releases. I simply ignore any performance claims published by LICs and others as they use different ways to calculate it, ignore costs and push whatever makes them look the best. I also dislike the way they publish 1,3,5 year performance because it is not very informative (same goes for Morningstar) even though they all do it. That would also take a while to explain.

My general opinion is that these guys a pretty good and I hold them to diversify my LIC holdings. Their smaller cap exposure is attractive in this regard.