Agree. BHDO have the best leverage compared with BHD shares or HML/HMLO if manager's strategy is successful and least downside if it fails. You may lose the lot in BHDO, but will pay little. Your downside risk is higher in all the others if there are bad calls as they are priced higher and your percentage gain in BHDO is higher if manager's calls are right.
In addition HML/HMLO are risky because of the doubt about the actual NTA. The management view may be confirmed, but that does not provide upside. If they are overoptimistic the NTA is hit.
IPO - Benjamin Hornigold Limited, page-167
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