APW unitholders are being asked to vote on a proposal to wind up the fund. The proposal comes from Samuel Terry Asset Management, APW’s second largest unitholder. It argues that APW should be wound up because its units have traded at a 20-50% discount to NAV for more than five years because of high expenses, poor transparency and APW’s strategy of investing in other funds managed by AIMS. If unitholders do not vote for the wind-up, there is no reason to expect the situation to improve. For unitholders, the choice is simple: would you prefer to receive cash of about $2.00, or a share price of less than $1.50? Unsurprisingly, APW’s manager, AIMS Fund Management does not agree that APW should be wound up. You can read Samuel Terry’s letter to APW unitholders here.