Ann: Net Tangible Asset Backing, page-33

50% of their portfolio is Australian RMBS, so yes.

I was invested with them before they won Hedge Fund of the Year, 3 years ago.

At the time they were doing 10%PA without any down months, but over time as interest rates have declined, so have their returns. At the same time the gigantic Sydney and Melbourne property bubble continues to expand and i think it will eventually pop.

I have slowly been selling out and they now only make up 15 % of my portfolio. I plan to exit out by years end.

Note: Affluence Funds management also invest in them.
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