My maths are correct. I compare their performance with other...

My maths are correct. I compare their performance with other alternatives (other managers such as Platinum Asia) not with the index. Would I ever put my money in the Shanghai composite index? umm no!!

Its frustrating because as a shareholder there is value in the discount to NTA but I think what you guys are pointing out is that the marketing is discounting their future poor performance. You argue that this is due to their mandate structure which makes them do dumb things (invest close to the Shangahi composite index) so essentially the market might be right in assigning a large discount.