Ann: Net Tangible Asset Backing, page-5

They have historically added more value versus index in down months than they have in up months, so yes there is a good degree of protection there.
IMO their big picture view is good, high growth Nasdaq stocks overhyped and overpriced, inflation problems, rising interest rates. From an investment perspective in this kind of environment there are few places to hide for a long only fund. Can always add some bear market ETFs like BBUS or SNAS but don't imagine many do.

So, in my opinion, I hold a lot based on the relative size of my portfolio, with the discount getting down towards 10% there is a buyback backstop so just above there I will looking to add a few more. Given Fridays moves I will probably wait to see what impact that has on the NAV, we see a glimpse of their positions but in reality only know a small part of the picture.
Post tax NTA as at the 8th will be around $3.12
Next couple of days will be interesting, NTA as at the 10th......could be down 6c or could be up. Total guesswork. Their shorts seem to be working a treat but are they big enough to outweigh market downside. Who knows.

I like them and rate them. I'm am self confessed as being greedy and expect 20% + returns regardless of what market conditions are. They rank themselves as stock pickers and this is exactly the kind of environment where there is ample scope to add Alpha.
I was here at the beginning, am particularly happy at this point in time I own them and don't have more in long only funds which are killing me ATM, and cant think of any reason why I won't keep buying the dips.
I think this is a great place to be invested. I cashed up a lot of other investments but still want the upside exposure, when and if it finally comes. They have outperformed my long only funds in the bull market, now well and truely in a bear market. Whats not to like.
All in my humble opinion and what works for me, not investment advice for others.