I have decided to add a little to Polo Resources. The underlying holdings seem to be moving up in value – and the discount to NAV is now 75%. I bought at c4.3 earlier in the week. Only a small position – 2% portfolio weight added, 3% in total.
Selling all my KMG today.
Tender offer has been made for $14.00. Slight unanticipated problem is that Kazakhstan has 20% withholding tax and to get it net of tax I need to submit an array of documents via my broker and trust that no-one along that chain messes up / decides I am liable for 20% tax.