Good question, what is cheap!
On a 12 month chart, this is at a 52 week low, near enough anyway. On a discount to NTA, it depends on what the next NTA is, but if its around $1.34-.1.36, then the premium to NTA is 6-7pc. I'd be hoping the recent rise in ASX would bring the NTA to $1.36-$1.38 at least, but ALF seem to be underinvested so expect little outperformance for now!
Even if the NTA premium is 5-7pc, its much cheaper than anytime in past 24 months! Is that cheap??
Ann: Changes to allowable investments, page-39
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