Ann: Net Tangible Asset Backing, page-6

Hi peejay, BB is buy back (my shorthand).

As I wrote, my opinion was a gut feel and may have been biased from your input in your previous comments, so there may be some confirmation bias there. But what I do remember when performance was going south a few years back, Justine thought he didn't have enough opportunities so he changed the fund mandate to include offshore shares. It seems that made no difference to the fund performance (actually got worse). So this was the extent of trying to 'fix' the problem which it appeared gave him access to companies which he had even less access to. I like the Forager local funds as Steve can use his local knowledge to maximize his advantage. Though he really has picked a few stinkers lately, eg FIG.

I don't know these guys personally, so I may be a little presumptuous in assessing their personal traits, but from the public insights we get from Steve, he seems to be a guy who always questions himself (in a good way).

As for a change in strategy at ALF, well the directors and chairman are ultimately responsible for tapping management on the shoulder. As we've mentioned before, the fund is ripe for an activist investor. May not be Geoff Wilson this time. I note MA1 has been approached today by another fund as they have similar NTA gap issues. I think this will become more common as some of these funds are now so small that they are below critical mass for running efficiently.