I took a small position today when it hit 84c. The selling seems...

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...