I've mentioned before, but it still bemuses me how KFL just continues to march on delivering great incremental results (latest NAV 2.12 undiluted,1.58 diluted) yet their SP trails behind at a discount or around 4% diluted and 30% undiluted, yet BRM its unproven sister company which currently hasn't done anything yet trades at a premium of 11-12% diluted/undiluted.
By buying into KFL you will receive a 4% discount to the underlying value, yet receive 30% more value in dividends than if you had held the shares direct. A small sacrifice is paid by way of performance fees from the manager however probably a small price to pay if they if they are able to time acquisition/exits than the average investor which probably more than makes up for it.
Contrast to BRM, the contrast is incredible considering they are the same people.
Only logical explanation is some peceive Aussie has greener pastures.
It's good to have a few of these in your portfolio as they dont require much effort to manage.