Ann: Net Tangible Asset Backing, page-40

HML weekly update does not adjust for options outstanding which it easily could do. It would be helpful if it did. I originally looked at HML because it was claimed it was selling well below NTA and I am always interested in mis-priced securities. However, after adjusting for tax and options outstanding I do not think it is selling well below NTA as was claimed. I assume they have high turnover of investments so I prefer after all tax adjusted for options, though I can understand someone only looking at NTA after realised capital gains as well.