• 76 cents ex capital return of 10 cents on 22nd Feb• 8%...

• 76 cents ex capital return of 10 cents on 22nd Feb
• 8% discount to NTA
• 20% discount to net assets which includes $30M intangible assets for funds management company.
• When you back out the 54% cash you are buying the current investments at a 32% discount.

GPG have continued to buy, having bought 2 million shares in Feb. they now control over 14% of shares.

Though I’m not familiar with all the companies in the portfolio, I do like the names I know. I continue to like the style of the fund and the possible upside from owing a fledgling funds management business.

I am comfortable adding more MMA at current prices.