United Development Funding IV fka UDFI

[Jh5142]

Do I have these facts right:

NexPointe Strategic Opportunities Fund has $760 million in assets
Their allocation to UDFI is about $3 million
Their return since inception (2006) is 3.7% annualized, vs 9% for the S&P.
Their return over the last ten years is 7%, about half of the performance of the S&P.

Looks like this fund may not be very good at either stock selection or capital allocation based on those results.

I'm happy to see anyone interested in buying UDF and appreciate hearing differing thoughts on it. But I would be more encouraged if it was a fund that had a good track record and it was a meaningful position for them relative to the size of the fund.