Anybody out there understand how to interpret NTA for a market...

Anybody out there understand how to interpret NTA for a market neutral long/short fund?

I ask because the long portfolio is an asset that is negated by the equal sized short portfolio. So if the fund is rebalanced regularly the NTA may not change despite gains/losses because money is moved from asset to liability (or vice versa) to rebalance the long/short ratio.

Or can we assume that a fund like WMK will generally aim to move gains/losses to the cash holding as they occur so that NTA reflects performance over time?