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.
