Are the investors paying a premium for PGF suffering from recency bias or dividend irrationality?

See: > PGF - PM Capital Global Opportunities Fund - Cheat Sheet

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Summary: PM Capital Global Opportunities Fund (PGF) is Paul Moore's global equities LIC that listed in Dec 2013. PGF has slightly exceeded VT (Vanguard Total World Stock ETF) since inception with a TSR of 10.3%. However, in the 5yrs to 30 Sept 2023, PGF has handily outperformed VGS over any period from 1 to 5yrs in NTA and TSR terms. This is very rare for an ASX CEF, and PGF has moved from ~20% discounts to now trading at ~5% premiums to NTA. But is paying a premium for PGF justified? Does PGF have sustainable outperformance alpha after all expenses? How much of a factor does the presumed stability of PGF's 7.7% (inc franking credits) yield play? A full assessment of PGF as an investment going forward would need to cover the Total Expense Ratio, fairness of performance fees, ethics of the manager (e.g. no dilutionary capital raisings), tax leakage, and efficiency of return of franking credits. I'll simply state these aren't major pitfalls for PGF. It would also need to address the alpha question, which I do briefly with performance comparisons. However, in keeping with the aim of these "cheat sheets" I am going to focus on one distinct aspect: recency bias and how this especially affects CEFs.
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