Ann: Appendix 4E and Financial Statements, page-3

I think you're right - they say the long portfolio returned 20%, so being neutral has come at a hefty cost. ALF, to my understanding, is supposed to be "long/short directional" rather than purely neutral. I've said this in earlier posts, but they seem entirely reluctant to pick a damn direction and go with it, they're too committed to remaining neutral. I'm glad I sold when I did. Maybe a good entry point is coming, but for me they're just not cutting it.