Going by their 30 June 2014 Annual Report Page 8 they have 28%...

Going by their 30 June 2014 Annual Report Page 8 they have 28% of holdings in materials/resource and energy stocks, dunno what it is now, but that may have something to do with the underperformance.

Very hard to find what ALF's top twenty holdings are, I recently emailed them saying I was considering investing but couldn't find their latest top twenty holdings and percentages so could they please advise me of a link where I could find them or could they tell me what they are, never heard back. I reckon that sort of thing always tells you something about a company, when I emailed Wilson Asset Management in the evening I had a reply first thing the next morning.