KFL - discount to diluted NAV

[Beagle]

Hindsight is always 20/20 and often as useless as a fortune cookie in predicting the future. All funds have well and truly beaten their respective indices after all expenses, fees and taxes over the last few years. You can't realistically ask for more than that. Posted 27/11/2020

Update. These have been trading at quite a substantial premium to NTA, latest share price $2.04 at time of posting and last reported NTA was $1.85 as at last Wednesday, (and the market has dropped a fair bit since then).

I do not feel such a premium is warranted. I would not be concerned if the premium was 2-4% but it is currently well north of 10%, (adjusted for warrant exercise) and I feel that is unjustified as KFL have not outperformed their benchmark as much as the other funds Barrmundi and Marlin. I made my own assessment over the holidays that the warrants were not worth the 44-45 cents they were priced at, (at one point), and sold them all.

I remain of the view that the Barrmundi warrants are an excellent hold at around 21 cents.

Good luck to holders.