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5 December 2025
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Running a fund should not become a gravy train for boards and investment managers. It is time to address the persistent discounts to NTA on LICs, and there is one especially exciting new structure.
Discounts on LICs and LITs vary with market conditions, and many prominent managers have seen the value of their assets fall as well as discount widen. There may be opportunities for gains if discounts narrow.
Apparently, Listed Investment Companies trading at a discount to NTA are both the best and worst of worlds. They are either exciting opportunities or not in the best interests of investors. Which is right?