I've held one or another and up to all three of HPI, HPF, and HPS since 2005. Typically when one gets a significant amount below NAV relative to the others, then I buy that one. I do trade, selling one or more if it goes to a significant premium to NAV relative to the others in the group. But a while back (early Aug) HPI went up and above NAV, so I moved from HPI into HPF like normal. But HPI has kept on going up and is now disconnected from the other two. I don't see any 'fund manager' who is not a total idiot buying HPI for the dividend and not buying HPF for more than 5% less when it pays the same dividend and has a slightly higher NAV at the moment. It has to be something other than an intelligent person that keeps buying HPI and ignoring HPF and HPS.