Interview with Stuart McAuliffe, page-4

I actually like both, but at the moment HML makes more sense for me given that most of the options have already been exercised and its trading at a significant discount to NTA.

BHD 1:1 options that expire 28 April 2020, are a real downfall for those that didn't get on the IPO.
The overhang means you take on all the risk, but only get half the upside potential.

Many people don't see this as an issue, and to be honest with most under-performing and sub par LICs that struggle to do 10%, yes it shouldn't matter. But if BHD performance is anything like HMLs performance, you potentially are flushing 50c - $1+ down the toilet until the options disappear.

Of course I will continue to monitor pricing and if BHD begins to trade at a significant discount to NTA, which I suspect it will, I will look to jump in.

.