Subject: Re: $STEW at 23% discount
That’s a good point, yes.

I see your point on the buybacks and it’s a good choice. But I think the fund is creating a new paradigm and an actual identity.

As it works towards a 5% effective payout—via continued strategic increases and market pricing, I think it has a much better chance of reducing its NAV discount. Just that dynamic alone gives a double digit return boost on top of portfolio performance. And downside protection of a lower than market PE and value orientation.