That’s a bit of a blinkered outlook. This is an investment company, and NAV will be determined by valuations of companies they invest in. For instance, the investment this week valued new age meats at $10m at this round of funding. Once they progress, get further down the line they will likely raise more in a seed round (as do most start ups) which could value the company at $20 or $30 million depending on progress etc. So consequently ANICs holding will be written in at higher book value. .. Eventually when one of these companies gets into preparing for production they will float / IPO. Which will unlock the beast here. But my guess is by that time you’ll wish you’d bought in now.