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Confused by performance summary

  1. cutty

    45 Posts.
    Apologies if this is a stupid question, but I am trying to read the "Patersons" report into Listed Investment Companies.

    For the life of me I can't work out the performance summary table.

    I have noticed that for a number of LICs their 5 year NTA growth (%) is higher than their 5 year total return (%).

    My questions is how can a LIC's 5 year NTA growth be greater than its 5 year total return (%).

    My understanding was/is total return incorporates both capital growth and yield. If so, how is a LICs NTA growth a greater percentage than its total return. What am I missing?

    Surely, when you add on yield to capital growth it doesn't result in a % reduction.

    Below is a link to the report - table is on page 5


    Any help would be greatly appreciated.

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