Ann: SB2 Investment Report & NTA Update, page-9

Yep, the fees are pretty strong.

The share register (top 20 is almost all Asian, likely Chinese), and the way SB2 came about (ie it largely comprises money committed to a different fund a while ago which then transmogrified into SB2), suggests to me that it's mostly held by people who were buying themselves an Aussie visa, and who aren't necessarily committed holders. In my view that's likely where most of the selling has been coming from.

But given the fees, and the edgy area of the market in which SB2 plays, and the fact that the management agreement has fully 9.5 years left to run...well, that NTA discount isn't going anywhere soon. I'm normally interested in vehicles trading at a 20%+ discount but this one, nope nope nope. Buyers the last few days have read Tuesday's Livewire piece, seen the NTA discount, and quickly pulled the trigger to buy - probably without looking into all these rather negative issues.