Looks like there may be an opportunity with ACQ currently trading around $0.75 per share, a ~20% discount to its last reported post-tax NTA.
The obvious reason for the discount in my view include:
>It's small cap portfolio has underperformed (any) its benchmark
>High(ish) proportion of unlisted investments (of which Amaysim looks set to realised through it's IPO in the not too distant future which will likely yield a valuation uplift on listing)
ACQ's portfolio looks of reasonable quality with SRV & CAJ the higher quality holdings (in my view) and I don't have an in-depth knowledge about its other investments to comment further apart from that it look reasonably well diversified.
My view is that a 20% discount to NTA provides a reasonable margin of safety, thus I have started to accumulate (slowly) at <$0.75.
It would be interesting to hear others views as to whether they feel such a large discount is warranted?
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