Do you rate MFF?, page-3

Hi Cabin22,

My two cents.

I rate this fund very highly - more so the manager who has shown wisdom over a very long tenure.

In saying that, this fund was completely wrong footed when it came to the recovery following the March collapse.

Some will say this reflects poorly on the manager.

The strange thing about the rapid price rise after the March collapse is that it has occurred against a backdrop of worsening financial figures.

I didn't believe we would see the kind of recovery we have experienced until an effective vaccine/treatment was identified.

Given their high cash position, and missing out on the recovery, there is seemingly only two outcomes.

If you believe the market is wrong and there will be a major pullback - MFF could be very nicely positioned.

However, if you believe in the efficiency of the market and less likely to see another major pullback - MFF is more likely to see more pain.

Given the overall weakness in the closed fund market - I feel this fund still has a bit more pain as far as price goes.

I tend to think the share price will align around its post tax NTA over the next 6 months.

Overall, I don't think it's fair to judge them on the current spate of poor performance. On paper, and from a rational viewpoint, it makes complete sense not to be too heavily involved in the casino at the moment.

I feel for you - that's a hefty paper loss for an investment in a fund like this.

Unfortunately, the only people being handsomely rewarded in the current market are those who think the whole world revolves around buy now pay later companies.

Good luck.