Ann: Net Tangible Asset Backing, page-72

Both HML and BHD trade highly liquid global managed futures. This allows them to operate in a highly efficient manner taking advantage of the vast amounts of opportunities that arise. Both funds operate 24 hours a day 7 days a week with traders continually managing the portfolio.

Market turmoil would only provide HML/BHD with further opportunities, as they can short markets, unlike many other long only fund managers.

Exciting times ahead for both funds, and good opportunity to pick up some cheap HML at the moment, given its discount to the NTA.