Very good point about the valuation of HML assets.
I was going through the Interim Financial and it does seem that what is driving the NTA is the valuation given to the unlisted assets.
Is it fair to say that the amazing perfomance was driven by the off-market acquisitions of stakes in JBFG, Kings and K-Ching? (And that the performance otherwise was otherwise on par with the market?)
It would be nice to have the NTA updates specifying the valuation of the unlisted assets.
IPO - Benjamin Hornigold Limited, page-129
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