Ann: Change in Portfolio Value, page-11

Buyback is the only thing adding value it seems.

I agree that the October result was very poor. I would have thought with shorting they could capture some value as many hyped stocks got hit hard in October.

This really needs some major changes. A product like this shouldn't see the discount widen in a sharp down month in markets like October.

Out of the Watermark funds I think this should be the one that perhaps gets wound up by someone if any of them did. Because it is the largest though I have my doubts that it will.

At least the investing public know they are getting net market exposure of around zero with the other ones. ALF's very long term performance numbers are slowly grinding lower and lower. The product has gone from domestic that has tried unsuccessfully to move into part international. A long time ago they were thought of as broadly a long product that minimises drawdowns. Now they have run near zero net market exposure for so long they just come across as a product that is meant to be flexible, but run by a permabear. It just confuses too many now about why they need to have 3 LICs in the market.