Ann: Net Tangible Asset Backing, page-8

Us HML people have become accustomed to big % gains so for the first time in a while it seems not so great. Still, at least it hasn't fallen in value.

Wonder if any part of it is in relation to commodities? I know they expected this but if using as a buying opportunity and the timing has been off a little some of them have fallen quite a bit so may have a small part offsetting gains in other areas? Pure guess there, I'd need to look into the performance of all the predictions further to really dissect but certainly happy to back them in after such a good run for so long.