Ann: Change in Portfolio Value, page-7

Umm... isn't the NTA suppose to go up as a result of a buy-back? Perhaps a chunk the bought back shares have not been cancelled yet, which is perhaps still feeding into the NTA stats? But it's still a shocker none-the-less. A net 2.41% negative difference compared to the market index over a period of 1 month. Market neutral this fund is certainly not.