Ann: Weekly Estimate of Performance and Market Wrap, page-10

Jan 2020 Pre-tax NTA down from $2.455 (Dec 31) to $2.1948 (Jan 31) = 10.6%

Private credit contributed -1.5% rather than a positive income return.

If I agreed with their assessment of coronavirus impact I would hold but I do not so I sold on Friday.

They are now running their highest net exposure ever (~94%) so let's see how they go providing beta exposure. It's not really an alpha strategy (that would be de-risking exposure at least during coronavirus period by using their expertise to pair trade)

Friday's bump probably partly due to Affluence Livewire article suggesting TGF was at a 25% discount as of 13th Feb and "The manager has an excellent track record with this strategy, however given investor concerns regarding China and the coronavirus the share price has plummeted recently, and we estimate is now trading at a 25% discount to NTA. While resources could be a rocky sector in the short term, we believe the sector is substantially cheaper than most assets on a medium-term view, and when the reversion potential is realised, we expect the discount to close rapidly."
https://www.livewiremarkets.com/wires/the-contrarian-case-for-lics

Affluence was wrong about the discount level (as was I) and actively trades in and out of LICs. They pump up LICs after they are invested in them and certainly won't be publishing a sell update on TGF before they decide to exit.