MFG in the BUY zone, page-936

I second noomxx's comments.

I'd put it down to general despondency by holders who are getting to the point of 'giving away' their assets to chase a better home.

My thesis is if you...
a) expect to be a net purchaser of global assets over the very long term
b) you are comfortable with the holdings
c) you are comfortable with the manager / fees more generally (perhaps apply the following test: would you buy MGOC if MGF was trading closer to NTA)
d) the trust continues to purchase via buyback - noting this is good for remaining MGF shareholders but bad for MFG by way of lower FUM once shares are cancelled
e) you don't care about potentially deeper discounts for years and years to come
... then I'd be comfortable in holding the economic value of the underlying assets irrespective of the value of the trust.

My general view (like MHH to MHHT) is that if things were to ever to get ugly enough - the fund will transition to an active ETF - in effect, be merged with MGOC resulting in a one-off 'pop' back to NTA. While the majority of shareholders of MGF would cheer this, it would be a sad day for my approach to this investment.