Summary: Investors looking for low-cost exposure to the average market return have a range of options. Index funds offer an easy way to make additional investments, while exchange traded funds promise a similar performance but tend to be cheaper. Listed investment companies are also a low-cost managed investment, while investors could also directly purchase the top 20 companies in the index.
Key take-out: Listed investment companies can trade at a discount or a premium to the value of a portfolio. If the chance came to buy listed investment companies AFIC or ARGO at a discount, I would jump at the opportunity.