I have just completed a quick desktop review of PVL after their results, they are on my general interest watchlist. Something I noted that is important given the small size of PVL is the expenses. To manage $10.9 NZD worth of net assets the cost in FY22 was around $800k NZD. This is effectively a management fee which takes a significant portion of returns. The assets need to make approximately 8% pa at the moment just to break even. Therefore, I think a discount to NTA is justified until the investments produce significant returns. To note is that these expenses are likely to be higher to due to the current buying of investments by management, once cash is fully invested, due diligence costs will reduce.