I've traded HML but was never comfortable with my position. The lack of transparency and non arms length dealing always concerned me. I was always skeptical about JB Financial. Was HML a hedge fund or a financial services company....This blogger has taken the time to look deeply into HML
I suspect most here will not like his views/comments.
http://www.10footinvestor.com/investing/benjamin-hornigold-henry-morgan-and-john-bridgeman/
http://www.10footinvestor.com/investing/grave-concerns-about-henry-morgan-john-bridgeman-and-co/
http://www.10footinvestor.com/investing/like-a-rock-in-my-shoe-henry-morgan-ltd-shares-and-nta/