I currently hold 3 LIC's - AFI, ARG and MLT - in my SMSF. I bought them on the advice of my ex-financial planner. As I understand it, if I was to buy the same portfolio of shares in any one of them individually, I would buy them 10%-15% cheaper (or I could buy 10%-15% more). I imagine the logic in buying an LIC is to gain exposure to a large spread of shares when you don't have a large amount to invest - but a premium of 15% seems a bit high. Or am I missing something?