I found this Morningstar article to be a balanced look at the whole discount to NTA discussion re AFI.

Not ground breaking by any means, but worth a read

Imagine overseeing a return of over 28% in a year and beating your benchmark, only to see all of that relative gain (and more) wiped out by something that isn’t under your control.

That’s exactly what the story has been at AFIC (ASX: AFI) recently, as its investments have outperformed but its discount to pre-tax net tangible assets (NTA) surged to 10%.

Let me start by saying, I realise that the focus here on Strawman is very much on the picking of individual stocks.

With that said, at some point, if the price is right, there must be rationale for a stock picker to look at an LIC?

I'm not suggesting that that time is now, however I have been watching AFIC trade at a large discount to NTA, compared to history.

Just an observation