Ann: Net Tangible Asset Backing, page-54

Yes you are right but this is moot when ALF is market neutral just like their WMK fund, see http://wfunds.com.au/fund/australian-leaders-fund/ "equity exposure" vs http://wfunds.com.au/fund/watermark-market-neutral-fund-ltd/

The whole point of these funds is that they DON'T lose money no??? Since they certainly don't seem to be making money on the way up.... otherwise they serve no purpose... Braitling keeps talking about protection

So if they are market neutral they start from performance of 0, anything either + or - from there is how good they are at stock picking...... and they've torched 5% in 2 months!!!