Good chance that this VGI product would outperform in a bear market from your points there. I read that they have posted good numbers since 2009 with an average cash balance of 28%. That implies it probably has less beta than the market but you might have to dig deep to confirm. For example you could run a risky portfolio by having 28% in cash, and 72% in very high beta stocks.
Doubt that was the case with VGI and I do note this one has no options attached so this is possibly likely to do better in the first year or two than some of the examples in recent years. I would still probably pick a PGF or FGG in the secondary market rather than this IPO, but I see you have exposure there anyway. This IPO however looks much better than the floats this year of the Contango and Fat Prophets ones.
Certainly agree that waiting for discounts / premiums to change can often take many years and a lot of patience.
