Ann: Appendix 4E and Financial Statements, page-6

With due respect to various disgruntled posters,the investment climate for ALF's model, has not been helpful.
The attraction for me, was that ALF is not intended to take a constant market neutral stance, if you want that
you invest in something else. What Braitling has been saying, (like many other market pundits) is that markets
are at unsustainable levels waiting for a major correction. Unfortunately (for ALF), markets are not, at the moment,
recognising risk. Even though Braitling is uncomfortable with the present level he is wisely , not prepared
to buck the current bull trend, hence the current neutral position. I like the fact that the portfolio is effectively in cash
(the current interest rate levels no doubt are not helpful). The last NTA was $1.26, so I can't see why I would want
to sell at present prices.
Having said that, I am unhappy about the 4c ROC. What's the point?
pargolf