Clutch adjustment is based on when the clutch engages when moving the clutch lever .

Fact. Serv. Manual calls for :
"Clutch play should be 3mm as measured at the clutch lever holder before the clutch begins to disengage. If the play is incorrect adjust it......"
(Measure the gap between the lever and the handle bar bracket by where it pivots)  

But........disengage / engage point should be somewhere between all the way pulled in and all the out.