All the small cap NTA discounts have widened with the recent market sell off.
ACQ is trading at 23% discount to NTA has historically been wide by 15%
CTN is trading at 15% discount to NTA has historically been wide by about 8%
NAC is trading at 16% discount to NTA has historically been wide by about 7%
ACQ is suffering from some poor calls early on which is being compounded by XSO at 7 year low affecting small cap related money flows and sentiment and probably a bit of 'I cant value private equity investments so i will discount its value'. Will probably normalise to historic discounts in future so there is probably some short term value there.
IRO of BB - It is on market. depends how aggressively they push to close the discount. My experience suggests that you'll get aggressive on market buying from mobs like this which is relatively value destructive compared to putting a floor under the Price-NTA gap and soaking up the sellers as they come through
I personally like CTN because the value leakage is limited as the fund manager is an investment of the fund itself.
ACQ Price at posting:
72.5¢ Sentiment: Buy Disclosure: Held
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