Ann: Net Tangible Asset Backing, page-3

They are currently market neutral so should only be considered as a hedge against a market downturn. If you believe a downturn is coming then being able to buy now at a (small) discount to NTA is attractive. If not then it is not even worth holding because your expectation is for share price growth to be below market and for dividends to fall over time.

Personally I can't see the market rising much from here in the short term. Conversely, there is a finite risk of a significant downturn, and it could happen suddenly in which case ALF could help minimise losses across my portfolio. So for me it is like insurance - don't like paying for it but might be glad to have it if the proverbial strikes the spinning blades...