Yes that's a key attraction of the listed funds but there's no such thing as a free lunch and the warrant issue is of course dilutionary to shareholders NTA when the warrants are exercised.
Warrants can be a cheap call option when they're priced right, I will certainly concede that and have been a very lucrative hunting ground for this dog in the past when they have been mispriced but there days it seems there's a lot more players.
Yes alokdhir...up to a 15% premium to NTA the listed funds give ~ 7% net return to investors, (8 / 115), which is pretty much unbeatable on the NZX.
I can't get my head around these premiums though, especially for Marlin so I've been talking with the private wealth team about setting up my own program..
Used to be a minimum of $300K, now $500K with effect from 30/9/2021. The ability to custom tailor a monthly dividend while I am semi retired now, probably 0.5% per month and step it up when fully retired to probably 0.75% per month is very attractive.
Anyway here's the Barramundi fund sheet https://fisherfunds.co.nz/assets/fun...und-Update.pdf Not quite as much disclosure as the quarterly ones for Barramundi but the shareholdings for those disclosed look the same to me.