MFF has had an amazing 18-month period, more driven by the underlying performance of the portfolio (a lot of the mega cap US) than the discount to NTA narrowing - albeit some of that appears to be happening now.

Interested to see Chris has taken leverage all the way down so obviously getting wary about valuations. I haven't seen what he has done in past cycles and he could be wrong but a few appear to be getting nervous.

I believe he is a pretty switched on and his investment in MFF has to be his family's primary wealth creation vehicle.

Guess just trying to highlight a few investors getting pretty wary about market valuations at the moment.