The fund has a good track record of out-performing its net asset value return in strong market years and fund management has been a consistent buyer of shares (currently holding around a third of all shares outstanding).

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For what it's worth, the fund claims a net asset value of 9 Swiss francs a share, a number that hasn't budged much since its inception in February 1996.

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Buy Korea investors pay no initial fees and sales charges, only annual management fees equal to 2.95% of the fund's net asset value.

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Net asset value (NAV) is the worth of the basket of assets the fund is designed to track.

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The litigation shows that PIPE Equity Partners has written down its stakes in an NIR Group fund down to 30% of the last reported net asset value.

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The fund currently trades at an approximate 20% discount to the underlying net asset value of its portfolio.

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And note that the Invesco fund trades at a 15.6% discount to net asset value, taking some of the sting out of its higher expenses.

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Another closed-end fund, it trades at a 13% discount to net asset value and has an expense ratio of 1.7%.

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As a result of some unfortunate decisions, his Fidelity fund is now trading about 4% below its net asset value.

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