Ann: Net Tangible Asset Backing, page-7

Yes there are sometimes sessions in the US from a sector point of view that is clear to see that LSF might do ok even if the market does tank. For instance if the S&P 500 is down 1% and it is nearly all driven by a huge fall in Nasdaq, good chance you see the LSF share price down 1-2% straight away. That might not make much sense.

Then a few days later the NTA for that day might show no decline at all because plenty of re-opening theme stocks or resources stocks had a good session that day.

Trading is still not very efficient from that point of view, been like that for a long time now.

When there is nothing exciting happening across sectors though for the time being LSF should probably move close with the market.

Will be interesting to see where their net invested position is in a few months time. I get the feeling they might keep pushing it down by about 10% each month to get to closer to only 60%. That is the way they seem to be talking in presentations. That would be a big change from 130% in November!