What will it take to trade at NTA premium?, page-10

You are probably right. The gap is definitely widening if the holdings are still much the same as reported at June 30 2020. There have only been a few changes reported to ASX and none appear to be for the stocks which have been rising in the last few months. SNC have been patient with FWD since they sold off the caravan business to ATL - it has paid off with the profitable advantage gained by FWD through Covid 19 intervention with travel, accommodation etc in the mining industry. In hindsight I should have seen how that advantage might work for FWD but my vision was clouded by all the negatives being espoused at the time. So there may be a small advantage in topping up with SNC while it takes the average punter to work out the increased NTA gap which is likely to have occurred.