TPNTF - Third Point Offshore Is Still Too Cheap
When a closed-end fund is trading at a large double-digit discount, it usually means that there are serious problems with the portfolio or with the management. Perhaps the assets are illiquid with questionable valuation marks. Or maybe management is incompetent and entrenched, paying itself massive fees in spite of poor performance, unwilling to repurchase shares
Third Point Offshore Investors Limited (TPNTF) is trading at a more than 20% discount, yet, it does not seem to have these usual problems. A large portion of its portfolio is publicly-traded equities. Its manager has had a