Ann: Net Tangible Asset Backing, page-11

S/P frequently drops down to close to the buy-back point during the dividend reinvestment period.
Directors stop buying the month before and the NTA/sp gap widens until after the dividend reinvestment price period is finished.
Have to remember that they also are part of the DRP program so in their best interests to see the price drift down.
Cheap shares for everybody that participates.
Not the first time this had happened, won't be the last.

To be fair, if that's all we have to worry about given what's going on then we are doing pretty good.
I for one have other managed funds, by top ranked award winning managers no less, who on the face of it appear to have never seen an environment where interest rates are rising and seem to own everything that's bad!
I have multiples more in LSF but have several others I own and actively monitor and compare on a fairly regular basis.

Nothing to be concerned about here IMO at the moment. Their view has been pretty good and their defensive positions have done what they are meant to do. Plenty of curve balls and situation still very fluid so caution needed everywhere of course.