Ann: Net Tangible Asset Backing , page-3

It's laughable. The fund was hedged against a rise (from parity!?) while the dollar plunged which cost about 40% of the fund, now Lacey (and mugs like me who switched) have taken the hedge away and 20% has vanished. I did not realise the wind-up would take so long. But how come there were no investment gains over the month? What were those hedge funds doing while the SP500 ramped up 20+%