Ann: Change in Portfolio Value, page-6

With the portfolio pretty much full hedged  (short positions equal weight to long) you can't expect them to outperform the asx when it posted one of its best monthly gains in a while. I'm more concerned when they don't beat the falling market!

still,  at approx 20% discount to nta, ongoing sharebuyback, still solid long term performance and an element of cyclicality in investment performance, I'd be a much more comfortable buyer than seller at these levels.