TheALFchartishitting10yearlows.Ithasbrokenthroughallprevioussupportlevels. Anyonecaretoguesswhereitmightbottomoutfromatechnicalperspective?Stumpedup, I'm not sure this would be a good candidate for technical analysis.
In some ways the worst this fund performs the better for shareholders as the discount will widen and possibly a catalyst for restructure.
Perhaps a market crash will allow the manager to then spot more value and reposition the fund to net long and then we may get some performance. That might be a while away.
So I am holding long term in the hope of a restructure or a return to net long positioning. Surely it couldn't continue for the next 20 years as a market neutral fund returning -2% every year.
It takes a lot of skill to be a great market neutral fund. If they must be market neutral over certain periods I would favour a more passive approach such as the fund investing in cash. At least then cash investors may buy our shares as they would be getting 30% grossed up interest.
ALF chart, page-4
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