1. Can one systematically capture value from LIC/LIT changes in...

1. Can one systematically capture value from LIC/LIT changes in discounts to NAV?
- Yes. The short-term price is sentiment-driven but over the medium and long term objective factors

2. Which of MGF or MGOC will outperform from today? (Over any time frame greater than one month)
- The whole point is precisely that MGF's share price has gotten further and further behind its NAV. A 19% discount is a record handicap for MGF or any fund with these characteristics (size, liquidity, awareness).
- Probabilities suggest there is very little downside from here (max end-of-day discount 21%?) but Magellan's need to preserve its reputation (with plenty of scope with the buyback and increasing regular distributions), constant media articles, shareholder pressure, precedents with MHH, vulture funds (WAM) and larger institutions looking for very low entry points (e.g. 1607, City of London) will compress the discount to be more in line with peers.

3. Do you want this portfolio?
- MGF's portfolio is extremely stable and are very large profitable companies. You can compare to the start of MGF in Nov 2020. And also find its portfolio from its MGG incarnation.
https://www.marketindex.com.au/asx/mgf
https://www.magellangroup.com.au/funds/archived-funds/

If you want to own Microsoft, Alphabet, Facebook/Meta, Netflix, Starbucks, Visa, Alibaba then this 19% discount is likely your best bet available anywhere in the world at the moment.