HML - Australias best Hedge Fund, page-67

I suspect HML may continue to trade at a discount to NTA despite strong performance due to general market perception that what they do ( currency trading and concentrated market bets) is risky and if they make some wrong calls in future, performance would suddenly plummet.
Nobody is perfect after all, and plenty of other hedge funds have had periods of outstanding performance only to be followed by disappointments. Personally I would not be buying HML at a premium.