I took a small position today when it hit 84c. The selling seems to be driven more by poor long-term holders who just cannot take any more pain than any massive deterioration in NTA (although there has clearly been a significant drop).
I was in and out briefly last year on a trade and LSF is not one I am completely over - so I dont claim to have any answers. BUT - I was in the AMP China fund (AGF) which eventually attracted 2 activist shareholders who got the fund wound up. AGF was really good to me - but that's largely because I was buying in and out rather than holding. When they wound it up, it was a real bonus as the discount to NTA disappeared.
With LSF - against the current NTA - winding up could be a viable option to preserve capital and align shareholders' position with NTA. Not saying it's going to happen - but if there is not a turnaround in performance it is an option.
We've come off an amazing multi-year bull run where the fund lost money, into a savage crash where the fund appears to be still losing money. Maybe now is simply not a great time for a large leveraged fund (if there ever is). There is still a solid buffer between NTA and stock price and one way to exploit it is to wind the fund up for the benefit of shareholders.
Just floating it out there...
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$3.12 |
Change
0.040(1.30%) |
Mkt cap ! $1.938B |
Open | High | Low | Value | Volume |
$3.10 | $3.13 | $3.07 | $1.179M | 380.2K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 2315 | $3.11 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.12 | 19999 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 2315 | 3.110 |
3 | 17740 | 3.100 |
4 | 15898 | 3.090 |
1 | 12000 | 3.080 |
3 | 6367 | 3.070 |
Price($) | Vol. | No. |
---|---|---|
3.120 | 19999 | 1 |
3.130 | 35220 | 5 |
3.140 | 49253 | 4 |
3.150 | 106746 | 4 |
3.180 | 17000 | 2 |
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