Not true. You need to understand the waterfall structure of the...

Not true. You need to understand the waterfall structure of the returns. These are wonderful vehicles for increasing out-sized leverage, without taking on proportionate risk. As Travm states: Patience is required. Not because we need the business the turn around, but to see the returns that the funds generate for OBL shareholders. These are deliberately at the tail end of the waterfall structure to incentive the capital to be invested into the fund, who are looking for a reasonable safe return with capital protection. Those NCIs do well for the likes of pension funds that need stability and annuity style returns. OBL shareholders then gain 80-85% of fund returns plus 2-3% management fee post NCI capital return. If you've down your calculations you should know that FY24 is going to be wonderful. Hell - today was wonderful purely from a capital gains perspective - because the market understands this latent potential for cashflow generation. And a share buy-back of an under-valued stock.