Ann: Net Tangible Asset Backing, page-2

Let's get this right: "Despite a net short exposure to the rising Australian share market through the month, the Fund delivered a positive return, driven by successful stock picking."
In other words, in a month where the All Ords Accumulation Index rose 6.05% Justin and his Merry Men had the fund weighted net short. Hardly successful stock picking. This is after the January rebound which followed the decline in the last 3 months of last year. How different things would be if they retracted from their strong short conviction and had something like a 50% net long exposure (75% long, 25% short).
My mistake in thinking I was doing the wise thing last year and buying in when there was a strong discount to NTA. Like others have commented in other posts, need to stick with good fund managers. That's it for me......I'm out of this one.