Thanks for the reply. As you note if the returns do exclude...

Thanks for the reply. As you note if the returns do exclude dividends (it is sloppy work to not say in the report), then they do so for all LICs, and while it might improve their relative performance by a 6% over three years (High CTN dividends approx 6.5% vs market dividends approx 4.5%), this is still not a happy picture

I am always surprised when I see how difficult it is for "experts" to out-perform or even match the market. I take it as reassurance that index trackers(2/3 of my p/f) are a reasonable choice.

Perhaps as the All Ords becomes "fully valued" as they euphemistically say, small ords and CTN may start looking attractive.