I don't think Sandon's investment ability is judged on whether...

I don't think Sandon's investment ability is judged on whether the market places their shares at a discount to NTA. The performance has been 12% in a flat market the first year of listing. 5 years they ran at above 14% pa whilst generally running high cash balances and investing in low beta low risk situations.

There is certainly risks that they underestimate wind up costs, but I still believe they have achieved solid performance figures whilst placing a major focus on situations like these.