Problem for Forager is their deep value style. Invest in low...

Problem for Forager is their deep value style. Invest in low quality cheap conpanies and hope for the market to realise the true value. The problem is the market may never realise this valuation gap and sometimes you are just plain wrong. Then it becomes hard to get out, as these are small cap stocks. You get stuck. Freedom was the perfect example of this. It appears they are trying to buy better quality companies. Time will tell.
NTA does not reflect the price they will get if they sold all their positions. It would be less and possibly much less, as there is no market depth for how much they will have to unload. Beware the NTA.