The portfolio is full of consumer staples and utilities and has...

The portfolio is full of consumer staples and utilities and has 9% cash (cash went from 8.3% at 31/12 to 9% at 31/1), it's hardly tech heavy. Weightings for each of the 26 stocks are very modest, meaning no single stock risk. Getting this portfolio of very well known, successful businesses for a 17% discount after a market correction makes sense to me. Opportunity comes from investing with a manager after a period of underperformance, not outperformance. Examples being LSF and FOR where the manager's underperformance lead to significant discount, once the performance turned the discount closes. You gain from both the increase in NTA and the narrowing of the discount. Did you not learn this with your LSF investment cutty?