I agree with Afterpay, but I guess I differ from others in that I think they will have a good year this year or at worst a better year. I also feel there is a good margin of safety buying at these levels both in terms of yield, discount to NTA and especially fund size. The smaller funds should work better for returns. But as I said I'll only give it a year and see what happens. I'm also thankful for the stuff he did on BHD/HML so I am a little biased. For reference, the unlisted fund outperformed last year. I don't think they publish the numbers though, you can get it from some wholesale investor databases.
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