MFF further increases net cash weighting
Net cash as a percentage of investment assets and net cash in MFF Capital Investments Limited (MFF) increased to 33.9% as at 17 April and had grown to be the largest position in MFF after being 3% at the end of February. We estimate that approximately 70% of the portfolio is currently weighted towards net cash and investments in Visa Inc and MasterCard Inc.
Asian exposure via LICs
Figure 2 highlights the 3 Asian LICs in this report. Despite the pre-tax NTA return outperforming the benchmark by 4.7% during the first quarter, Platinum Asia Investments Ltd (PAI) widened out to a 14.3% discount. These levels are an attractive buying position for a diversified portfolio of large Asian companies, led by Tencent and Alibaba.
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