questions to be answered!, page-24

I think the last 6 months have been tough for a lot of these style hedge and value funds. 6 months ago the large caps looked expensive and there looked to be more value in small-mid caps. 6 months on and the large caps look more expensive and small-mid caps continue to flounder around. Times like these that opportunities are created. It may take some time for them to pay off, but hoping ALF are capitalising. Nice to see a bit of a bounce in the last couple of weeks but the monthly NTA will be key to see if they have been able to capitalise on some of this latest bounce.