31 Dec 2018 NTA: $1.67 (pre-tax) $1.66 (post-tax). Share price...

31 Dec 2018 NTA: $1.67 (pre-tax) $1.66 (post-tax). Share price in Dec 2018/Jan 2019: $1.65-1.70
- So trading at NTA

31 Jan 2020 NTA: $1.97 (pre-tax). $1.94 (post-tax). Share price 18 Feb 2020: $1.20
- Discount is over 28%

PE1 - a recently listed private equity fund - has generally traded at a premium (often steep) despite unexceptional performance after currency gains.

Essentially, the Cordish Dixon funds (CD1, CD2, CD3) have appalling liquidity (few buyers and sellers) and often trade well away from NTA for this reason. Once they move into realisation phase (e.g. CD1, CD2) the NTA performance and distributions appear very worthwhile - especially if you get in at a discount.

The managers of many LICs/LITs (closed end funds) that aren't well known or well marketed appear happy for shares to trade at massive discounts - where those forced to sell or who can't stand the fluctuations get ripped off. It is straightforward to use a permanent buyback a few % under NTA funded by discounted distribution reinvestments (see AGM, EAF, EGF, EGD, EFF). But managers are lazy and incompetent at managing this issue.

I would encourage all shareholders to contact Cordish Dixon directly and ask why their funds are all trading at 20-30% discounts and why they are doing nothing about it.