But this stock is MGF not MFG, who cares about the fund...

But this stock is MGF not MFG, who cares about the fund management industry, who cares about confidence.
I am interested in MGF because they hold a basket of quality shares. By quality I mean the underlying businesses are top quality.
Now previously quality sold at QAAP, hopefully quality is starting (but maybe not there yet) its transitioning to GARP.

So i figure I am getting that portfolio of quality underlying stocks at a 22% discount to the latest portfolio valuation.

Hence I am receiving some degree of risk protection compared to holding the underlying shares in the fund in my own name.

Could quality continue to fall, yes, its still definitely not 'cheap', but it is approaching what I consider 'on the upper side of fair value'.

However these underlying companies have very good economic moats and business models, in 10 years I am very confident they will be generating more profit than they are now. With more profit in 10 years, one would assume their share prices will be higher in 10 years than now (given they are now starting to trade at the upper level of fair value). So with a 10 year view point, the growth in earnings should overcome the current 'upper level of fair value' to see the share price higher in 10 years (and that's assuming they are still priced at just 'upper level of fair value' in 10 years).

Hence my interest in MGF and hence why I am happy to continue to dribble money into this position as part of a diversified portfolio.