Ann: Daily NAV, page-12

I agree woollydog, there was no certainty on my part that the fund would to trade at a premium to NAV. I did top up my holdings both before and after the listing (as a hedge). Possibly I underestimated the punters' respect for SJ.

Having said that, while SJ and his team keep outperforming the market, I would not be surprised to to see a healthy (even increasing) premium to NAV. Conversely, if the ASX tanks due to a black swan event, I would not be surprised to see the premium turn into a significant discount as some investors will head for safety of cash. The relatively low liquidity will tend to exacerbate both the premium and the discount to market depending on the prevailing investor sentiment.

I intend to be a long term holder (as long as SJ is at the helm at maintains a major holding) so short term premiums/discounts are not a major concern if I'm getting a healthy annual dividend (distribution?) ...