Ann: Change in Portfolio Value, page-13

@HrvojeCraft1k. Id give you a gr8 analysis if it hadnt been suggested a million times previously !

If you go to the ALF notices on your broker site and read the quarterly review, Justin waxes lyrical and technically on all the things that ALF management are doing and how “circumstances” have worked against them or how certain stocks have surprised on the up/down side. All very financially complicated and probably correct from his point of view. You have obviously noted my frustration at the ALF performance over the past 3 years, hoping that SOMETHING will happen, and that there will be a catalyst for change. Others have suggested that if you are not happy, then get out. But, it isnt their money they have invested in my name. Something HAS to change and that has been discussed at great length previously, although none of us can accurately predict exactly what that will be.
I notice all Watermark funds trade at a huge discount to NTA why not WIND 'EM UP and put you out of your misery!!

Probably because the shareholders (as far as I’m aware) have no means of doing so, but in doing so, the managers would deprive themselves of a significant chunk of what should be “our income”. (But is actually theirs !)
Unfortunately we cant apply for ALF to be wound up on the grounds of incompetence !