The discount from NAV shrunk from 20% to about 10%, and the NAV rose a bit from when I purchased.
Given that I didn’t have particular views in either direction about fund manager skill, a 10% discount seemed appropriate given the size of the fund (small) and its expense ratio. Note that a much larger discount would have been appropriate had the fund not been paying out 8% of its NAV as dividends and buying back ~5% of its own shares each year.
I sold all of my shares over the last two months. It’s a 35% IRR, but a lot of that was due to the NAV rising. Given my thesis was almost entirely about the discount, the rising NAV was a lucky bonus.
I would buy again if the discount got to 20% again.
fund of well-conceived investments 