What if they give up on the stock picking and just buy fixed interest products such as MXT or cash/fixed interest ETFs? Then you get 20% higher interest rate because of ALF's discount to NTA. Then all the investors who want to buy those listed cash products can buy ALF instead and we close the discount.
Alternatively they could become an index manager and offer investors an index product at 20% discount.
Ann: Net Tangible Asset Backing, page-61
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