Cap, we don’t really get the full picture and I think there are...

Cap, we don’t really get the full picture and I think there are some really good names and some really small bad ones. The problem is that we don’t get a full run down until the annual report and we don’t get the percentages. The NTA seems to have remained around the 70-71 cent mark so there is a significant discount to NTA. The problem is the liquidity of the shares. If there is no confidence in the manager or their ability, the discount can remain until there is a catalyst to inspire investor confidence. They list their top 10 each month and one is TLX, but we don’t know how much is committed to the star holdings and what the % spread is. So at this stage it’s probably a value trap with a significant gap between the SP and the NTA, but no-one really game to take a chance. A bit like WLE ?