Email of the day (1&2)
more on the Phaunos Timber fund:
"But can we reasonably expect that a mass service like Bloomberg bothers to try to work out the "see-through" NAV for a small fund like Phaunos? And then calculate discounts to NAV? Surely they do the easy thing and work out discounts using the latest reported NAV and most recent share price. I think it is possible that they have just got the discount wrong on this simple basis."
"I have just rung Collins Stewart, Phaunos' brokers who say that today using a share price of 83 their discount to NAV is about 20%."
Eoin Treacy's view Thank you for taking the time to further investigate this fund. I suspect that any estimate of the fund's NAV will be subjective at best because a number of its holdings are not listed making valuation a bit more difficult.