Ann: Net Tangible Asset Backing, page-11

Grabeach - Yes I intentionally chose the March 2016 NTA report (which shows the NTA and performance until 28th February 2016), because it was released three years ago and illustrated my point that the past three years (28th Feb 2016 - 28th Feb 2019) are responsible for the poor 7 year performance.

The performance figures I quoted were the out-performance of the ALF portfolio (NTA net of fees) not the share price performance plus dividends. The 26.2% out-performance figure was achieved in the 12 months to the end of Feb 2016. The ALF portfolio returned +14%, whilst the All Ords returned -12.2% (negative). This is not the fluctuation of the ALF share price.

Over that same period the ALF share price started at $1.41 and closed at $1.51 giving a 7.1% return plus 10.1% gross dividends for a total return of 17.2% outperforming the portfolio (NTA) performance of 14%, and therefore was an appreciation in the Share price/NTA.