Ann: Pre-Tax NTA Update - 15 May 2024, page-10

The market response was actually way underdone relative to the NTA collapse (I only had 25k shares but ironically put them on market last night after tossing up continuing to hold for the last few weeks sold out a day too late because of an already lack of confidence in this fund)
I've been actively investing in equities for about 8 years & have never had a drawdown close to the 22% over any period & definitely not from ATL’s, this sort of abject failure, especially when markets are flying, really needs a proper explanation & heartfelt mea culpa
A matter of fact by the way we blew up 22% of your capital in the last week just doesn’t speak of a manager who understands the responsibility to the conservative yield seeking investor base they appeal to rather than this blasé treatment more like they'd been portraying NAC to high risk punters
This might in fact be the low point but the records aren’t encouraging, it should be trading at a substantial discount to assets, definitely not the current roughly par