Not at all surprising once they restyled themselves as a market...

Not at all surprising once they restyled themselves as a market neutral fund. Add in a stock picking ability that doesn't add value, one shouldn't expect them to show a positive return! They will always look extra bad in rising markets as they were until recently benchmarking against the All-Ords. They've solved this problem recently by omitting the performance comparison from the Quarterly Report altogether. I would assume most non-Braitling shareholders are resigned to all the above and are just hanging around for liquidation nearer to NTA.