Well here's the thing: I think kiwis who play the stock market are too much into DIY to get into a LIC (listed investment co) like KFL. Which is why the stock has always traded at such a discount to NAV - there just isn't the demand that, in a perfect world, there should be for such a share.

ALso - if you like KFLs holdings, why not just buy them directly? ie mainfreight, pumpkin patch, ryman, and metlife?

Slightly off-topic: Here's a list of LICS on the ASX:
http://www.asx.com.au/investor/pdf/LIC_NTA_Report.pdf

They have a lot of LICs, most of them trade at a discount to NAV, but some actually trade at a premium - WAM is a good example and in my opinion worth investing in.