Good points.
To play the devil's advocate:
- HML share price has been heavily driven by an NTA that is not "verifiable". It is anyone's guess what the NTA will be at the yearly report later this year. (If you check the half yearly report the "auditable" NTA was $1.15 on 31 Dec 16. The "opinion-based" NTA on 5th January was $1.8).
- Higher performance fees are a greater incentive to perform
- HML performed well despite options
- Being more concentrated is a huge advantage when you make the right calls.
- Don't see an advantage of having longer trading history. Market sentiment towards the fund mostly depends on management (which is the same). If trading history meant much we would be talking about AFI.
- Possibility of a premium once options disappear applies to both funds
IPO - Benjamin Hornigold Limited, page-159
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Mkt cap ! $5.434M | |||
| Open | High | Low | Value | Volume |
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| Price($) | Vol. | No. |
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| 25.5¢ | 63871 | 1 |
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