The Australian Governance Masters Index Fund (AQF.AX) is a listed investment scam run by the fraudsters from Dixon Advisory & Superannuation Services. With revolting hypocrisy, AQF ostensibly invests in the "best governed" ASX100 companies, aiming to hold between 75-85% of the index. This zeal for governance does not extend to the company itself. AQF is run by criminals that deliberately manipulate the company's illiquid shares. With ASIC's tacit approval, AQF sets its own share price at higher than asset backing, partly by performing buybacks.
This fixed "market" price is of course only sustainable if AQF's granny investors do not actually try to sell at the fake price. In case of sustained net investor outflows, the company could at most support its share price at actual NTA (which is of course post-tax, whatever the criminals may profess to "believe"). AQF also issues shares to investors while making the fraudulent representation that it trades at a "market" price, whereas in reality AQF sets its own price. There is currently one buyer and one seller for AQF, namely AQF itself.
AQF does not even disclose actual NTA in its weekly disclosure documents, instead only reporting "pre-tax" NTA (i.e. an imaginary NTA if taxes were abolished). The criminals then set the share price floor at this inflated figure. Currently, AQF's "pre-tax" NTA is $1.90, with its actual NTA estimated at several percent less.
That ASIC allows AQF to openly ramp its share price above its asset backing is an absolute disgrace, proof positive that the regulator is completely ineffectual against even the most blatant fraud. If criminal directors just claim to "believe" they are acting for the good of shareholders, and fill out the forms, they are allowed to openly run a ponzi scheme.