Yes Jiblet from a cashflow perspective they have been very lucky with the strength in AUD/JPY the last few months.
I think I understand what you are saying, they are now less exposed in terms of having to meet margin calls on the arrangement. So from a cash perspective they are less sensitive to exchange rate movements now. I still think the overall NTA is now more sensitive to movements in the exchange rate now that the hedges are off.
RJT Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
