Ann: Appendix 3C - Announcement of On-Market Share Buy-Back, page-5

Apologies for second post but I didn't make mention the short side of the TGF portfolio.

One of the reasons I considered TGF an attractive proposition was that it was a long-short fund. I listened to the Directors talk about this on their promotional videos. With resources being a cyclical sector, the willingness to short (with appropriate risk management) I thought was conceptually attractive.

As mentioned on page 4 of the 31 Jan report, there was a short put on BPT which I hope has been held to assist the NTA. The reason given for the short position may not have ended up as the reason for the share price decrease (BPT probably got caught up in the corona virus panic sell) but the short idea looks to have been effective. Through this volatile time, I wonder whether there might be more opportunities for TGF to short when an appropriate risk-reward opportunity arises.

Interested in other's thoughts on this.