Ann: Net Tangible Asset Backing, page-10

llee; I don't know if you intentionally chose a period ending 31/3/16 for that reason, but you have captured 12 months when the share price appreciated much faster than the NTA. The 26% figure seems to consist of share price rise from 124 to 145 plus 10c divs. Share prices fluctuate all over the place and is in my view not a good indicator of performance. Take note of Benjamin Graham's famous voting machine / weighing machine comment. If we look at the NTA rise of a couple of cents plus the divs we get 9% performance over that same 12 months. Certainly good for a market neutral setting, but hardly 26% .... and it was one of ALF's better periods. I again suggest reading my October analysis of what to expect.