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Share price to
Net Tangible Assets (NTA)
AFIC NTA chart

There are a number of factors that influence whether shares trade at a discount or a premium.

  • Market perception of AFIC’s future earnings potential and dividends
  • Perception of management and likely future performance
  • Supply and demand for shares at any one time can fluctuate. In particular, LIC shares such as AFIC, sometimes fall out of favour. When the general market is running strongly investors may elect to move out of "value" shares into "growth stocks". Conversely when market conditions are more subdued investors may value a steadier stream of dividends and a value-based approach to investing
  • The relative benefit of lower costs of managing the portfolio on behalf of shareholders compared with the higher costs associated with a large proportion of managed funds.