I haven't studied the situation too closely but the NTA seems reasonable given they are long commodities i.e what they've made in currency and other equities they've lost on commodities. This also adds up with the claim that "markets continue to move as we predicted" given they said it was likely that commodities would have a rest for a while before rallying into the end of the year.
Just my initial thoughts.
Ann: Net Tangible Asset Backing, page-14
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