below issue price in feb 2005, page-6

You can't blame the board for the discount to the NTA. Similar sized listed funds have been hit hard in the same way. The market has fallen and people have pulled their money out. These funds have too little liquidity depth.

If your investing for the long term then it shouldn't matter too much. If you want to realise your investment now then you're screwed.

The problem is that management has little incentive to reduce the discount. Their only real solution is to share buy back but this reduces their investment base and thus their fees.


I believe you can't blame the board for the current discount. But you sure as hell can blame them for theire favourable treatment of the hedge funds. I'm glad I sold out in Janury at 1.60!

I'll look at getting back in eventually but not now.