Welcome Aboard ! This is the post where we wager a meat pie and...

Welcome Aboard ! This is the post where we wager a meat pie and a can of Coke over the non performance of the managers of ALF. Yup, you’ve picked it in one. Also known as the post where PJ (me) constantly complains about the non performance of the ALF fund, and is in turn, rewarded by the non performance of ALF.
Unfortunatley, thanks to Mr Braitling, I am seldom proved wrong.
ALF used to be a long only fund, producing great results and dividends. A few years ago, Mr Braitling who I understand was an office junior (tic) was given the keys to the fund and turned it into a fund that also has overseas exposure and became a long short fund. I do not believe there was a referendum on the options (unlike Australian politics). Since that time, as you have quite correctly pointed out, the only thing that shareholders have got out of ALF, is a small return of capital until this year, with much pomp and ceremony, we were advised that due to the success of the fund, we would be given a HUGE 2 cent dividend !
You may find that by going thru old posts in the ALF folder, that you questions (as in WTF ?) have also been asked numerous times before and various scenarios (none of which unfortunately are likely to come true) have been discussed, ..or to put it a different way, believe in the fairy godmother ! Previous posts in the ALF folder would probably provide entertaining reading !
Geoff Wilson has some of his extensive savings in ALF ;perhaps those savings in the current environment could be described as “lazy money” because ALF doesnt seem to be doing anything with it, or for that matter with our money either !
One of the scenarios discussed was WAM (the fund manager) taking over management of ALF similar to CYA and the proposed “takeover” of WDE. At the moment, that would appear to be a bridge too far.
Your chart above points out a particular irony....in that ALF, WGF and WMK come under the category of
Alternative/Specialist ?????? something it would appear the managers are NOT !
I have previous said that ALF had a capitalisation of approx $330mil but I think it is closer to 280 !
I wonder how much bank interest you would get on 280mill, or better still, just put the entire amount in a spread of Wilson Funds !!!
A few posters have undoubtedly bought ALF due to the significant discount to NTA. I hope they have plenty of time on their hands.....
You may well ask “ Wtf are these jokers doing !?! “

And the simple answer is... apart from taking management fees, not much !