These sort of fund should always trade at a discount to NAV, it...

These sort of fund should always trade at a discount to NAV, it not undervalue because it trades at a discount to NAV, it trades at a discount to NAV for a few reasons

1. The fees is outrageous, I mean 1% plus performance fees? you can buy the same stuff in ETFs for 1/5 of the fees so over time fee just eat away your money and hence the discount.

2. it is a closed end product that mean there is potentially liquidity issues, good luck trying to get out in a hurry if there is no buyer where as ETFs has redemption/creation feature so no liquidity issue

Days of LICs and closed end product charging high fees are over, you can replicate the same thing in ETFs for a fraction of the cost