Ann: Change in Portfolio Value, page-16

"with the sustained downturn in the market, it will be interesting to see if Justin has profited by the shorts"

I suspect this will his last, last, last chance to restore any kind of credibility. If he can't pick up against the benchmark in this September down turn (probably more to come) then I think that not only justifies the NTA discount (who knows what other ticking time bombs he has in there with shorts) but hopefully an activist can justify coming on board to liquidate and unlock the little value left in the fund.