Where did the money go?

ALI raised $280m and was listed on 1 July 2015. By 14 July, 55% was invested and by 31 July, fully invested. The overwhelming majority was overseas and over half was in $US assets. (ASX announcements) All very well.

At 1 July, the $A was trading at US96c. It is now around 70c, an approx 37% fall.

That $280m raised ought to be worth, say, 20% more - simply on currency movements. That would be $336m.

But no. 24 December NTA is $A1.88 or $263m. The sharemarket values ALI even more poorly, at $1.70 with market cap $245m

I see many tens of millions of dollars gone up in smoke - not on a penny dreadful taking risks, but on an allegedly conservative fund investing in tangible infrastructure assets for a certain income stream.

Something is very very wrong here. Can anyone enlighten me? (or improve my back of envelope arithmetic)

DYOR