say for argument sake that they do manage to acquire additional shares in Pioneer, how would that benefit Zeder shareholders as the current price is already at a premium to nav (unusual for an investment trust). further, given the relatively exhuberant state of capital markets, they will have to pay full value for additional Pioneer shares with no immediate value accretion to Zeder. How much blue sky really exists in a portfolio of agri stocks given its cyclicality and traditionally low PE's?
Fortunately none of the companies Zeder invests in are not part of the exuberance in equity markets, because they are unlisted. Secondly, more shares in Pioneer Foods would result in a higher dividend yield. Add to that, that unlisted shares are seldom analyzed in detail and thus seldom correctly priced. If some or one of those companies does list, value will be realized for shareholders. Zeder is trading at a PE of 4.84 with a NAV of 240c of which 100c is cash and they have respected management with an eye for value. I'd say that this company offers more value than most listed companies currently trading on inflated prices, don't you? This is a save bet in uncertain market times. This company could become a future Remgro or Venfin. It's got all the right ingredients, management just need to stir a bit over time and you have to wait a few years.