22-Feb-2021: MFF advises that its approximate weekly NTA per share as at Friday 19 February 2021 was $2.798 pre-tax (cum 3.0 cents per share fully franked interim dividend)² (30 June 2020 $2.809), and $2.470 post-tax¹.
1. Net tax liabilities are current tax liabilities and deferred tax liabilities, less tax assets.
2. Figures are cum interim dividend 3.0 cents per share fully franked, dividend ex-date 23 April 2021 and payable 14 May 2021.
Net cash shown as a percentage of investment assets and net cash, was approximately 2.1% at 19 February 2021.
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That's a LOT less cash than they were holding last year! I note that a week earlier, their 12-Feb-2021 pre-tax NTA was $2.854, so I can see why you might value them at $2.85, but I tend to go with the last reported NTA, which in this case is a smidge under $2.80.
Also, virtually all of the globally-focussed LICs we have to choose from on the ASX are all trading at NTA discounts currently. Some are closer to their NTA than others, but it's not uncommon to have 10% to 20% discounts (to NTA) in their share prices. The LICs with good premiums (to NTA) in their SPs all have a domestic (Australian) focus as well as strong histories of paying good dividends (like WAX). We have a wide range of choices in the globally-focussed LIC space, and they are almost all trading at various discounts to their respective pre-tax NTA. Except for WAM Global (WGB) which has recently moved to an NTA-premium. There might be one or two others, but I am not aware of them. MGF, MHH, PIA, PAI, EAI, VG1, VG8, AIB, TGG, WQG, TGF, RF1, PAF, PGF, PMC, GFL, GVF, FGG, FPC, LSF and APL are ALL trading at various discounts to their last reported pre-tax NTA. Some of the discounts are quite large. MFF closed on Friday 26-Feb-2021 at $2.55, being 8.86% below their last reported pre-tax NTA, being $2.798 on 19-Feb-2021. That's one of the smaller discounts.
I don't mind MFF's top portfolio positions. I'll post a straw on those in a minute. However, I'm not holding MFF currently. My preferred pics in this space (for global exposure via ASX-listed LICs) are FGG, WQG, WGB, MGF & MHH, and for purely Asian exposure, EAI. I hold all of those except FGG currently. I also hold CDM which has a blend of Australian and international shares in their portfolio.
I don't mind MFF, and I do follow Chris Mackay (the PM of MFF), but I rate his ex-business partner Hamish Douglass a lot more highly, hence I'm invested in two of the funds Douglass manages (MGF and MHH). With tech stocks being on the nose a little lately, perhaps Chris's MFF could outperform Hamish's tech-heavy Magellan funds, at least in the short term. However, looking longer-term, I'd back Hamish (and I do). He's usually the smartest guy in the room - any room.