Last week the NTA fell by 2 cents to $3.09, while the SP fell by 25 cents to $2.62. The SP-NTA discount is now 15.2%.
But wait, the SP this morning has fallen again. SP is currently at $2.59. The SP-NTA discount is now exactly 50 cents, or 16.2%.
In the March Update published on 13 April, HM1 at last seem to be starting to do something about the rot. For example "We are not happy with the current risk correlations in the portfolio". They must at last be starting to do something about it, perhaps going to cash where some dog holdings are concerned, because the rate of descent of the NTA appears to have slowed down. Hopefully, next week's NTA announcement will show a further improvement. If the NTA starts to rise, the current SP-NTA discount will seem like a rare buying opportunity too good to miss.
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