Latest update will be at the bottom: FGX's April 30, 2019 pre-tax (before tax) net tangible assets (BT NTA) was $1.21, which is generally the proper way to value a LIC - which is what FGX is. I won't be updating this valuation every month, but FGX do, via both their website and the ASX Announcements platform, so it's worth checking on their most recently published NTA before considering an investment in any LIC. FGX, which is domestically focussed, and their sister fund FGG, which is globally focussed, are funds of funds, which means they are a closed-ended pool of capital (as all LICs are) that is invested using a number of Australia's best fund management companies - who all provide their services (to FG) for free, as do most of their service providers, allowing FG (that is - FGX and FGG) to donate 1% of their FUM (funds under management) to charities every year (in lieu of management fees, as there are no management or performance fees). FGX support a number of charities that support children, especially children at risk, and FGG supports mental health focussed charities, particularly child and young adult mental health. Check out my "Bull Case" straw for further details. Update: 24-Nov-2019: FGX's October 31 (2019) BT NTA (ex-div) was $1.2575, so around $1.26, being five cents higher than 6 months ago (was $1.21 at April 30), so I've updated my valuation here to reflect that. I'll try to do an update every 6 months when Strawman.Com flags that my valuation is stale. Update: 25-May-2020: FGX's April 30 (2020) BT NTA was $1.0919, so ~13.2% lower than where they were six months earlier ($1.2575 on Oct 31). They're also now trading at a decent discount. Their SP closed on April 30 at 90.5 cps ($0.905), being a 17.1% discount to their $1.0919 before-tax NTA. They closed on Friday (22-May-2020) at $0.93. The discount would still be over 10% and could even be closer to 20% if they've had a good May so far. It is disappointing that FGX have not performed better. Their performance to date has been quite underwhelming, especially over the last year, but I still support the concept, and these levels look quite attractive. If you use Commsec as your broker, they will rebate you 100% of the brokerage fees on purchases of FGX and FGG shares as well, so you can buy them with zero brokerage. I hold FGX shares for my two kids. 23-Nov-2020: FGX's NTA after tax, but before tax on unrealised gains, as at 31 October 2020, was $1.2211, so I'm going with $1.22 as my latest valuation for FGX. They're trading reasonably close to that level at the moment, so there is very little discount in the share price now (to their NTA), even though their NTA has probably risen a little further in November so far. This is the same situation that their sister fund, FGG, is also in, having performed well since their March low, and having seen the gap between their SP & NTA narrow to almost nothing now. Their latest October 2020 Investment Report can be read here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02308754-2A1263711?access_token=83ff96335c2d45a094df02a206a39ff4 I still hold FGX for my kids, and I support the FG concept. Update: 24-May-2021: FGX's 30-Apr-2021 before-tax NTA was $1.412 (ex-dividend) and $1.4139 after tax but before tax on unrealised gains. We'll call it $1.41. Still holding FGX in my kid's portfolio. Happy to see that the FGX investment committee have now removed LHC Capital from their list of fund managers used to manage FGX money. LHC Capital were early investors in Freedom Foods [ASX:FNP] and their largest investment ever was in iSignthis [ISX]. Apart from investing a huge proportion of their investors' funds (including FGX money) into ISX, as well as millions of dollars of their own families' money, LHC's principals, Marcus Hughes and Stephen “The Sheik” Aboud, were also involved in another shady company (Etherstack [ESK], check out the ESK 12-month chart and the "pump and dump" on June 30, 2020 and the following week - the first week of July 2020) with ISX's Nickolas John Karantzis. I've just checked out the recent ISX announcements and had a laugh about them crowing about their settlement with the AFR and Joe Aston which was confidential except for an apology to John from the AFR for insinuating that John was involved in money laundering. Of all the dozens of things they accused him of, including CV Fraud (claiming to be a patent attorney when he was not, and claiming to have a law degree that he did not have) and cooking the ISX books to give himself a payday worth hundreds of millions of dollars worth of ISX shares at the time - but likely worth $0 now - the ONLY thing that they needed to apologise for was the inference that John was directly involved in money laundering. It has been made very clear by the ASX and ASIC that ISX was used to facilitate money laundering and that's exactly why Visa terminated their relationship with ISX, and those claims, which were repeated in the AFR by Joe Aston apparently did NOT require an apology - wow! Lots of smoke and obviously plenty of fire as well. JK's LinkedIn page - see here: https://www.linkedin.com/in/njkarantzis/?originalSubdomain=cy ...suggests that he's based in Nicosia, Cyprus where it's currently Mostly Sunny, getting up to 32°C with 0% Precipitation, 19% Humidity and light 18 km/h winds. Lovely. But back to his good mates Marcus and The Sheik, good to see they're no longer involved with Future Generation funds in any way, although you certainly would get a different impression if you checked out their website: http://www.lhccapital.com/index.html But then I signed up for their monthly newsletter last year and I'm still waiting for the first one to arrive in my inbox. I was one of a number of FGX investors who contacted FGX (early in 2020 in my case) about LHC being one of the fund managers that they WERE using to manage their money, and it is certainly positive to see that they've now done the right thing and dropped LHC from the list. FGX's latest (April 2021) newsletter can be viewed here: https://futuregeninvest.com.au/wp-content/uploads/2021/04/4.-FG_April-2021-NTA.pdf

Close to NTA. Will recycle capital into other opportunities.