Macquarie International Infrastructure Fund

[weijian]

quite disappointed with the divestment.
actually, wanted to dispose everything by Mar'14 where the price is around $0.11.
the NAV then was $0.148, so expecting to get somewhere around that figure.

the only consolation is overall it is still positive return, after keeping it for 2 years +.

I havent track MIIF much since i divested everything in 2013 when they managed to list APTV (finally, they found a new sucker to hold the baby). To incentivise the Manager to divest asap and as much, there was a success fee involved. I am not sure whether the NAV of 0.148 you quoted includes the success fee or not. But if it does, it should simply mean that the market is discounting the success fee and most probably also applying a ~0.8x NAV of the remaining Huanan Expressway (historically, Mr Market applies a 0.6-0.8x discount to the valuation of what the MIIF directors like to believe)