Marlin

[alokdhir]

I agree. They might be similar to managed funds in the sense that they actively manage their investments in companies, but we hold shares in KFL, MLN, BRM - not units in funds.

U hold shares in Investment companies which invest in listed companies as per portfolio disclosed ...so easy to see actual per share value of the company ...thats why they disclose weekly NAV and quarterly portfolio ratios . As these listed companies are closed end funds with only way to trade in them is on NZX so their SP gets determined both on demand and supply issues and intrinsic NAV ( Mainly ) ....If these were open ended funds then companies would be buying and selling them directly based only on NAV . Also if they had market maker feature like all Smartshare ETFs then also they would trade on NZX based mainly on NAV

Only reason they can deviate so much ( both ways ) from NAV is because of no market maker on NZX so demand and supply issues decide their SP in a big way

At present they are the most efficient tax side investment vehicle too as their only tax rate is 28% which is final thus making them 11% more tax efficient for highest rate payers