Legume. It is not rare for LIC's to be at premium to NTA. Mirrabooka, AFIC and Argo are at premiums to NTA, for example. Mirrabooka share price 2.35 vs pre tax NTA 2.11 ( 11% premium, much higher vs the post tax NTA of 1.89 ) and even AFIC currently share price 5.50 vs pretax NTA 5.11 post tax NTA only 4.43 !! Rarely if ever have Mirrabooka, AFIC or Argo traded at 10 - 20% discounts. AFIC's website has a nice chart showing the share price vs NTA between 2003 - 2013 having swings between 15% premium to 7% discount, once or twice as low as 10% discount in 2005, but never lower than that. As for Cadence being out of the market when the bull run started, you are INCORRECT also. Read through their monthly postings. In Nov 2012, they were 60% long, 1% short. Plenty of cash yes, but that is a far cry from "out of the market". They have often held plenty cash but still have been one of the very best performing LICs over the past 5+ years
CDM Price at posting:
$1.42 Sentiment: Hold Disclosure: Held
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