I'd rather have the janitor run this for now - no point paying professionals given the fund has a 'hold' strategy. Its only got a market value of around $12m so no point having a big gun run it and rack up fees. Policy is to hold onto assets and spend proceeds on debt retirement. Incidently the debt was very favourably restructured - maturity of 2039!
Given MXQ isn't actively managed, take the time to read the list of assets in the 30 June 2009 accounts (don't forget the after balance sheet notes) - assets won't have materially changed (aside from successful property sale and associated debt retirement).
You're biggest risk with MXQ seems to be the low-doc mortgages over Australian property. Having said that, the risk has been factored into the NTA calculations. So, given house prices in Australia are rising and we are close to full employment. The current share price seems a large discount to the net value of the assets. This occurs because MXQ has such a poor history and is so small that professional money managers are not following it.
Graph the monthly NTA against the share price for the last 24 months, you'll see the share price lags the increase in NTA.
I've bought my MXQ now so I don't mind sharing these views.
MXQ Price at posting:
6.9¢ Sentiment: LT Buy Disclosure: Held
