NAXS currently offers exposure to 14 funds from nine different managers and seven direct investments. The discount to NAV currently stands at 10%, which is below the historical average (2010-) of 16%, but still stands out as high in the investment company sector. Based on the stocks that we track, the median sector valuation is a premium of 4%. In addition, the balance sheet remains strong, and we believe the dividend yield is likely to stay at around 5% over the next few years, based on today’s valuation.