The discount to NTA seems to widen in down-trending markets and...

The discount to NTA seems to widen in down-trending markets and decrease in up-trending markets. This makes the stock price more volatile than its NTA. Even if the NTA outperforms the index in a down market the stock can do worse but it will tend to do better than the market in an uptrend.

So to me, a 10% NTA discount before buyback seems to large and just increases the beta of the stock. If it is profitable to buy back shares at a discount why not do it at around 5 % or less and profitably reduce the volatility of the stock? This is the attraction of an index fund where Vanguard or the manager keeps the NTA the same as the Market price. If LSF was less volatile than the index and also had an NTA that over time beats the index the share should attract more investors. The L1 funds under management may then increase as there would be the capacity to issue more shares to expand capital under management and L1 Directors would do better with greater performance fees

The best buying strategy at present is probably to wait for it to get to almost 10% discount and then start buying when the index is going up as you have three trading days until the released NTA catches up.