Originally Posted by
ronaldson
I think the first problem for FF as KFL's manager is that the number of NZX listings (to which they are confined in this instance by their mandate) are few, and too many lack any scale/liquidity.
So they look for those with potentially long growth runway and having taken a position have essentially no real option but to hold. What you see is very little active movement in their portfolio from one year to the next. It seems like they added Vulcan Steel mostly just because Pushpay was taken over and delisted and they were forced to reallocate.
BRM and MLN offer significantly more opportunity for active management but even then, with a Board looking over your shoulder, trading wouldn't be easy. And if you need to consult then even 24hr can be fatal - as with Signature Bank it just happens too quick and in another time zone.