I originally held the same concern. But if you follow the listed fund (BAF) closely, you'll discover they had options at a $1 exercise price and a 2015 entitlement offer also at $1 which provided a significant drag on net tangible assets per share. So the apparent low returns are due to the options and earlier entitlement offer, rather than the performance of the assets held.
Chart - BLA starting another rally?, page-13
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