Is there a pilot at the controls of VAU ?, page-181

Am I missing something here? VAU doesn't seem to go up nearly as much as my other goldies on the up days and on the down days seems to get hammered a lot more.

When I checked it out originally the only real negative I could see was the hedging, however with most of that gone by year end and only about 1/3 hedged during that time (I know of plenty of others with much worse hedging positions) was thinking maybe there was something I was missing. Always seems to be plenty of sellers, was wondering if perhaps there was a large holder offloading??