Ann: CVF Monthly Update and NTA Per Share at 31 March 2020, page-6

At current prices they appear cheap to me....given the csh component and divvidend......

Sounds like they are still unsure on investing a s yet........

At the time of writing, markets globally are rebounding strongly on the hope that the COVID-19 curve has
peaked, is peaking or will peak in the coming weeks. However, we are still erring on the defensive:

They've been holding cash for quite some time now..... Maybe a name change to, 'Conttrarian Bank of Australia is on the cards ...