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Valuation of $1.560
stale
Added 2 years ago

Valuation is based on NTA post-tax. Using April 22 update.

Currently holding 11.84% cash.

Held IRL.

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##BullCase
stale
Last edited 3 years ago

End November Post Tax diluted NTA of $1.62. Still appears to be outperforming the market.

 

Positives:

  • Buying based on continual growth in NTA. Historical outperformance of indexes and other LICs
  • I like the high conviction, absolute return, small cap, fundamental bottom up strategy.
  • Flexible mandate - deep value or growth focus allowed
  • Keeps cash available to use for opportunities. I think this is important in the small cap space.
  • Managers own around 20% of the company, therefore they are aligned to shareholder expectations.

 

Negatives to watch:

  • Low performance hurdle in current conditions resulting in higher fees
  • Liquidity risk: Extremely thinly traded. Expect price jumps. Needs to be a long term hold and have the conviction to hold.
  • Options will be dilutionary if there are significant gains. Current dilution appears to indicate around 4c of NTA.
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