Ann: Net Tangible Asset Backing, page-5

I still believe that the 2.1% out performance since inception is still the most relevant benchmark to assess their long term performance. I admit the shorter dated comparisons are still relevant, but are more of a reflection of one(or a few) particularly bad assessment(s) of how stock markets are going to perform when interest rates are falling and there is a huge amount of liquidity in the system. Eventually, we will see a market moving in the other direction, and (providing they don't decide to reverse their cautious stance) they will have streak of out performance on the shorter term parameters. NTA discounts/premiums are correlated to monthly out performance/under performance. I still think it is a good strategy to be buying at the current 20%discount to NTA, so long as you continue to hold the view that their long term performance is not an aberration, and that you are willing to continue to buy when it reaches a 25%,30%,50% discount to NTA. I'm not suggesting it will trade at a premium to NTA again (it might), but the discount to NTA could easily hit an inflection point where the share register are not all disgruntled sellers and if that happens at the same time as monthly performance starts to turn around the discount could close fairly quickly.