Ann: Change in Portfolio Value, page-14

Stumped, they may pair the occasional stock but it is not like some of the other funds where for every short there is a corresponding long.... frequently in the same industry.  That ain’t their strategy.

You are correct in that buying back their shares at a discount does absolutely no good if you are losing money and the NTA is falling.... and absolutely no good whatsoever UNLESS you wind up the fund and actuall realise the NTA over fewer shares.   To do that would effectively cut out the managers income, so I can’t see that happening, even tho it would be the responsible thing to do; given their p*ss poor performance over the last 3 years.