The only way to close the gap to NAV these days is move to open ETF.
Open ETF is what retail and insto investors expect - there is no going back to closed structures.
MGF has to wait for options to expire next year. Good chance the NAV gap will
reduce prior to option expiry in anticipation of a move to ETF.
In the meantime the fund is actually outperforming its benchmark (short time frame only) and the buyback is NAV accretive.
If you factor in a move to ETF (bonus 17%) the investment case looks compelling IMO.
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