Ann: Change in Portfolio Value, page-12

I agree with your math FD. But that is 100% of the whole and only reason for the buy-back > To make the NTA go up. Otherwise why do it?
It just re-affirms how bad the stock-picking is. Cash is out-performing this fund over 5 years. Don't even look at the comparison with the "no brainer" All Ords Accum Index figures. Any Vanguard fund is smashing ALF over this period, and with lower fees.
The thing that has me perplexed, is that I read the Quarterly Report and I actually get some value out of it. I have no idea why these insights do not translate into fund performance. JB actually gets the macro economics and general investment theme stuff correct.
I suspect it's their shorts that get them in trouble. I note from many years of observation, that ALF best performance is when JB gets his longs correct ,and has almost no shorts in the fund.
Maybe from a macro view, if JB thinks the All Ords is over-valued, then he should short the index and then stock pick his longs. Forget shorting individual stocks until he can employ a stock picker who actually has a strong track record this dept.