Ann: Net Tangible Asset Backing June 2024 with commentary, page-8

The buyback is the only thing we have going for us!

it props (sic!) up the share price through buying, and as far as I can tell it is the buyback that makes up most of the buyers.
also, on cancellation, the discount is retained by the funds and so the nav rises slightly. It's pretty negligible, as the % of shares being cancelled is proportionately small, but a positive.
Actually, that reminds me, Alex was a big personal buyer last year, so that helped the SP too, though with a discount in the fifties, you might be tempted to say he should be concentrating on improving his investment process!

wazz