APL listed on the ASX exactly four and half years
ago @ $1.10. NTA before tax is about $1.23 now, off
the top of my head . It’s paid about 4.5 cents a
year in dividends with 50% of the dividend
franked. This is all from memory but it should be
pretty accurate. The 12 months performance is
basically recovering the drawdown from March
2020 when COVID hit.
It appears to me that their short book is run as a
hedge and is always going to limit the upside of
their longs. Jacob Mitchell appears to be very
conservative and seems more focused on
capital preservation than shooting the lights out.
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