They look cheap!!, page-4

Trading under its pre-tax NTA which is useful if you are a buyer. But they need to raise more capital down the road to become a serious player longer term. The difference in total return between PGF and their equivalent unlisted fund using the same strategy (where you get in and out at NTA), is massive. For 1 yr to 31 Oct 2015, PGF total return was 10.6% but the unlisted fund was 25.6%. But, you pay your money and take your choice in how you want to participate (and whether you can get franking).