Please Explain, page-49

I thought it clearly re-iterated their position that they think equities are overvalued so are net market neutral. What else is there to say? ALF is one of the few LICs available with such a broad long/short mandate (essentially allowing them to take long or short bets on the market as a whole). The upside of this is potential outsized returns if they get their calls right, the downside is of course the opposite, and if you expect the fund to track the broader share market it’s definitely not the right fund for you.

I sold my ALF back when it was at a large premium to NTA and recently bought back in as the discount was too big to ignore. I’m yet to make a loss so no reason yet to be jaded but it’s important to understand the type of fund you’re buying when you invest in ALF.