Marlin

[bear]

See that all three of Carmels funds are trading at about 20% below NPV ..... whatever punters are perceiving seems to be pretty consistent .. with no particular fund being picked on for special attention

generally across the board these types of listed funds tend to trade at a discount sometimes as much as 30% or more. There have been one or two exceptions i can think of such as Platinum Capital (PMC) but this is an exception rather than the norm.

Was always going to settle below issue value.

Whether it is good value now depends on the skills of the investment team

Bear
disc - nil