I own some PMC, bought in a few months back due to the NTA discount and familiarity with the manager. I expect them to outperform a little going forward, their last 10 years of underperformance notwithstanding, and with the discount there's a large margin of safety IMO.
However what I don't understand is why PMC seems to have lagged the Platinum International Fund in terms of performance in recent years. It's only by a few percent, but seems to be ongoing. For example their fund did around 2 or 3% last month, and PMC did closer to 1%.
I don't think it's the fee structure, which to me looks the same as the "P Class" international fund.
Usually closed ended funds do better than open ended ones.
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