1) VG1 started the share repurchase, and the total amounts is 90Million. You may assume they won’t use them all, but as long as there are discount they have no reason to stop this, and the shareholders will not accept stop purchasing from market.
2) not the same as those deep in discount, this fund still have profit since inception. And Luciano is one of the top managers in Australia. Furthermore, the NTA is more reliable because most of their holdings are liquid asset, their value are mark to market.
3) currently the NTA has back to growth, despite some fluctuation. And Luciano will reinvest all his performance fees.
4) based on Annual report, top 20 investors include some long term funds have accumulate more shares.
5) Tynan’s resign has been proved not materially affected their investment team’s performance. Look at Pinterest, Otis and Olympus all increased a lot and currently in upward trend.
Yesterday the trading volume is above 1 million. I cannot understand their is no logic they will leave now. I mean they can leave at 1.8, because everything is unclear and their performance is in doubt.
Anyway from long term share repurchase, good investments (especially some rare investment targets which ordinary Aussie investors are hardly access, like FDJ.PA), dividend reinvestment, performance fee reinvestment combined with upward NTA trend will correct the SP.
VG1 Price at posting:
$1.85 Sentiment: Buy Disclosure: Held
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