18% is a huge discount on NTA. doesn't usually get much cheaper than that. perhaps 20% is when it'd start being a solid buy.
They hold 9-12 stocks so returns bounce around a bit. They'll be outperforming before you know it.
Sounds like a few of you guys have waxed 20-30%. That's pretty rough, but judging from today's price, could be a buy. I've met these guys, they're solid - and their investment board is v strong. Fees on some of their funds are high - eg NAC is 1.75% mgmt fee and 20% above cash + 1.75% - that's pretty high, but this one is a bit more sensible.
Ann: Investment Report & NTA Update - April 2018, page-8
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