Ann: Bailador announces ongoing dividend policy, page-10

I think the profits from recent sales are significant enough that management can establish a profit reserve that will ensure good dividends for years to come without compromising the ability of the team to continue operating as usual with regard to further investments. I think it is the right time for the fund to take this step. I have confidence in the management of this fund.

I initially purchased BTI as the discount to NTA was substantial and hard to ignore but I was also very impressed with the fact the fund successfully does exactly what it was set up to do. ( Rarer than you may think) i.e The BTI managers identify developing companies with a reasonable track record, good business models, and good management that just need some help, mostly finance to take the next step. So they invest generally getting more of the pie than they probably should, let the management get on with running the business, and reap the benefits of their acumen.

With their track record, the current cash holding, and the discount to NTA, I am struggling to find a LIC that presents a more compelling reason to purchase, particularly in this market. I have been accumulating this stock progressively since Sep 2021 ( 6 separate purchases) and despite the fact I am currently running at a loss of around 8% I am very happy with my investment, the NTA has been going up as the price has been going down and now it is going to be paying me an income. With a 30 % plus discount to NTA and their cash holdings, in this market, I will be purchasing more.