Highly Concentrated small caps = Private equity

Private equity and its lack of liquidity, and lack of valuation clarity generally sells at large discounts in the closed end fund market such as Australian LIC's and UK IC's The closed end structure is far superior to open ended funds during a" run" for liquidity. Interestingly Blue sky Alternatives is using the closed end mantra as part of its defence. Even so small companies can sometimes only sell by "appointment" and a highly concentrated portfolio can be dynamite in the wrong environment. NCC is a concentrated small cap portfolio with a premium. DYOR.