Ann: Net Tangible Asset Backing-ALF.AX, page-5

I'm a couple weeks away from potentially buying back into ALF , so I really hope the NTA premium (estimate for what it is currently) is anywhere near this reasonable at that time.

Visibility on ALF's individual holdings is quite poor for strategic reasons, so it's difficult to see compelling reasons for the movement on a stocks held basis (unlike CDM and PIC which have up to 10% exposures to individual stocks - i.e. MQG and WOW respectively).

More broadly, several of the 40 or so LICs I follow have shot up against their average premiums/ discounts to NTAs in July, so it could be caught in a broader correction (even though it didn't gain as much as several others). A higher than usual late surge of superannuation contributions (for 2015-16) needing to find a home is the best explanation I have heard (Marcus Padley made the comment yesterday on The Business in relation to the July ASX performance).

A lot of the times the short-term movement on ALF seems bass ackwards - e.g. net exposure is negative and it climbs with ASX or vice versa. The represent our trading opportunities I guess.