Ann: Net Tangible Asset Backing, page-4

Somehow they managed to go through $3 million of expenses in the last financial year on assets of around $50 million? Their stock picking hasn't been the greatest of late let alone being good enough to overcome a 6% handicap for the year.

A nice performance fee was earned because of the quarterly calculation it seems, despite the NTA in the financial year only increasing by a few cents. With these sorts of fees I am guessing it will take a lot more than a share buyback to reduce the discount to NTA. Brave of them at least to be talking about facing the investors at investor roadshows next year.