Yes, you are right. I forgot about the move to cash holding which impacted the returns. That is the conservative nature of the fund in addition to hold all those mega value growth stock. I am also looking for market to realise the fair value of the stock which in my opinion is around $50 at least. For it to go further than that they have to show some growth potential either though principal investments or growth of Fund through Future pay or any other fund. I think the latter is going to be difficult with the mature nature of the fund. But Hamish & the team can up with ideas. Also don’t forget at end of June 2022 they will have about additional $50m in the kitty after paying dividends to make further principal investments. May be they can throw this at Barrenjoey to keep it going and drive out some of the foreign IB out.
MFG Price at posting:
$39.15 Sentiment: Buy Disclosure: Held
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