I like Tony Pitt & team but TGP is not cheap.NTA once you value...

I like Tony Pitt & team but TGP is not cheap.

NTA once you value investments at market value is ~72c.

The operating expenses of TGP is ~$5.5m per annum and they only get ~$2m per annum in management fees, so you've got a negative $3.5m p.a carry.

They also give themselves large perfomance incentives.

Buying TGP is somewhat similar to buying an investment fund with a 1.5% management fee and 10% perfomance fees.....and you're essentially buying HPI & TOT at their market prices.

Your fate is also tied to HPI and TOT and neither of them are crazy cheap and if they were, you should just buy them directly.