I agree, buy and hold is not a strategy commensurate with a hedge fund. Some of the valuations on these assets would be concerning if we were in a different environment - i.e. higher interest rates. The fees paid wouldn't be so bad if we could redeem at NTA but we cannot and so it does appear a fraud we are charged on something we cant get. "Fee for no service" class action anyone?.
My vote to fix this once and for all would be partial redemption at NTA and/or fees calculated at share trading price along with a high water mark based on a world index. But I doubt this would happen.
The other puzzling thing is why deploy the buyback slowly. Why not just deploy it? I sold a large amount yesterday as I see a swing in US stocks and unbelievably the buyback volume announced today (for yesterday) was roughly in line with my volume less the average daily buyback volume. What funny games are these blokes playing?
VG1 Price at posting:
$2.31 Sentiment: Hold Disclosure: Held
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