Suspect it is a sector-wide issue, oldsem. I've done some analysis below on 18 listed investment companies in the small-cap/nano-cap/VC space below. All but 3 currently trade at a discount to NTA.
Based on the trend line, the SP/NTA discount for BTI is excessive relative to its market cap of ~$180m, at a circa ~19% discount. There have been periods of time in the past when BTI has traded at a premium to NTA.
It seems sensible to take advantage of the excessive SP/NTA discount for some of these 18 names if you believe in the management team, the underlying portfolio companies and have a long-term outlook. The tide will eventually turn.
