# GFL - Global Masters Fund



## dandyandy (30 October 2005)

Hi everyone,

any advice on this IPO...sounds okay with the fact it is investing in Berkshire but any suggestions if this is good or bad will help.


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## robusta (11 October 2011)

GFL is a listed investment company with a primary investment in Berkshire Hathaway. In the most recent annual report the company was invested : Berkshire Hathaway 75%, Altheny Trust (UK) 5%, Hypericon Flagships 13.2% and Colonial First State Wholesale Income Fund 6.8%.

GFL is a ~$6 million market cap with a NAV of $0.8355. On the face of it this is a classic Ben Graham investment, buying a LIC at a discount to NTA with the bonus of exposure to Berkshire Hathaway.

From reading the annual report it looks like the directors are preparing to return capital to shareholders and / or wind up the company.

http://www.asx.com.au/asxpdf/20100929/pdf/31ssjqk9yp740h.pdf

GFL has returned capital @ NTA less 5% admin costs as recently as mid 2010

http://www.asx.com.au/asxpdf/20100513/pdf/31q9sc2w818s67.pdf

The terrible liquidity and resolution 4 on the agenda for the AGM have however given me reason to not buy GFL at this stage.

http://imagesignal.comsec.com.au/asxdata/20110923/pdf/01221037.pdf


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## Greg1968 (14 December 2014)

Any updates on this fund?



robusta said:


> GFL is a listed investment company with a primary investment in Berkshire Hathaway. In the most recent annual report the company was invested : Berkshire Hathaway 75%, Altheny Trust (UK) 5%, Hypericon Flagships 13.2% and Colonial First State Wholesale Income Fund 6.8%.
> 
> GFL is a ~$6 million market cap with a NAV of $0.8355. On the face of it this is a classic Ben Graham investment, buying a LIC at a discount to NTA with the bonus of exposure to Berkshire Hathaway.
> 
> ...


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