IPO - L1 Long Short Fund Limited, page-50

You would not expect that the units would have been fully invested in the Boral position as the news came out on 24 April resulting in a price fall in this stock and it has since stabilised. The portfolio was 60 % invested by 10 May. The super large-cap oil stocks such as BP and Shell have done well in May. Not much info released in the months' figure to 30 April about actual positions. The future NTA may be slightly higher than the figure stated as the most costs of the IPO are to be reimbursed over time by the managers according to my reading of the prospectus. The market is up since April 30th though there may not be a close correlation with NTA.