MMA 0.00% 53.0¢ mmc contrarian limited

february update

  1. 512 Posts.
    • 76 cents ex capital return of 10 cents on 22nd Feb
    • 8% discount to NTA
    • 20% discount to net assets which includes $30M intangible assets for funds management company.
    • When you back out the 54% cash you are buying the current investments at a 32% discount.

    GPG have continued to buy, having bought 2 million shares in Feb. they now control over 14% of shares.

    Though I’m not familiar with all the companies in the portfolio, I do like the names I know. I continue to like the style of the fund and the possible upside from owing a fledgling funds management business.

    I am comfortable adding more MMA at current prices.
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