Interesting - MFF is trading at one of the largest discounts to NTA compared to other LICs and LITs according to the AFR. I was doing a little research tonight on Nick Bolton's battle with Magellan Global Fund (MGF) - and came across this AFR article: ASX MGF: Nick Bolton seeks like-minded activists for Magellan battle (afr.com)

And it contained this table:

So ignoring the top part, which is the relative discount (%) to NAV that MGF has traded at over the past few years, the largest discounts to NAV there when that table was compiled (the article was published in the AFR on July 9th, 2023, so just over 1 month ago) are:

1. Hearts and Minds (HM1), -22.9%
2. Tribeca Global Natural Resources (TGF), -22.2%
3. MFF Capital Investments (MFF), -19.9%
4. Future Generation Global (FGG), -18.4%
5. Platinum Capital (PMC), -18%
6. VGI Partners Global Investors (VG1), -17.9%
7. Magellan Global Fund (MGF), -17%

That's the worst 7 anyway, and MGF is at number 7, so there are 6 there with even greater discounts, and MFF is at #3. I already hold MGF out of those 7, and I like FGG and MFF, particularly at those discounts.

MFF's latest Weekly-NTA.PDF announcement - on August 7th - said that MFF's approximate weekly NTA per share as at Friday 4 August 2023 was $3.530 pre-tax (cum 5.0 cent per ordinary share fully franked final dividend)¹ (30 June 2023 $3.398), and $3.002 post-tax².

Notes:

(1) Figures are cum final dividend 5.0 cents per ordinary share fully franked, dividend ex-date 6 October 2023 and payable 3 November 2023. 

(2) Net tax liabilities are current tax liabilities and deferred tax liabilities, less tax assets.

Also: Net borrowings shown as a percentage of investment assets, were approximately 13.4% at 4 August 2023.

MFF's closing SP on 4th August was $2.85 (and they were cum-5cps-dividend), so the discount to pre-tax NTA (or NAV, same thing for a LIC) was -19.26% on August 4th, so it hasn't closed much since that AFR article was published in early July. MFF's post-tax NTA is 53cps below their pre-tax NTA because they have a lot of shares that they've held for many years, like Mastercard and Visa (the two largest holdings in the fund, which together represent around 23% of their NTA), which were bought at much lower levels than where they are trading today, so if they liquidated the portfolio, they would have a fair amount of CGT to pay (around 15% of the portfolio value as of the 4th August).

Some people regard Chris Mackay's MFF as very "old school" in terms of what they hold, but their third largest position is Amazon and their 4th largest position is Alphabet (Google), so they're not too old school. Certainly an interesting portfolio to be able to get access to at 80 to 81 cents in the dollar.