Sure - I get that (and sorry, it's actually three months positive since IPO).
You need to remember that this is the unavoidable aspect of investing in LICs. The investor experience will be different to that achieved in the portfolio due to the ability of the share price to trade away from NAV. If this was an unlisted managed fund, you would only be down 8% (being the company decline in NAV), not 20%. In a fund, what you see is what you get. Not so in LICs.
It doesn't help that Tribecca is not doing more on the shareholder engagement front. This is critical in helping to support the share price. They clearly don't get that running a listed vehicle is not the same as running a fund. At least they are tipping in their own cash, so they are going to be pretty motivated.
Personally, I think that their portfolio returns will turn around in due course. But yes, it's a painful ride in the meantime. I'm feeling it.
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