65 cents here we come, page-4

So for the month to date (to 23 March) the LSF NTA is down 31.8% and the ASX 200 is down 29.4% and the S&P 500 is down 24.3%.

These guys are only net long 74% so applying that they should be done just 19.9% (based on the average of ASX 200 and S&P 500 combined being down 26.9%)

It means that their 'Alpha' for the month (either longs down more than the market or shorts going down less than the mark - OR BOTH) is 11.9%.

This is after their Alpha was -10% over Jan/Feb.

While the performance has been horrible the fact that they won't properly address the issue and explain it in their presentations and correspondence is a really big concern for confidence going forward.

Oh, and the bought back a poultry 4% of yesterday's volume compared to 17% in the previous 3 days. Shouldn't they be buying with their ears pinned back at this kind of NTA discount????