Ann: Change in Portfolio Value, page-13

Some good discussions here. Still not sure why investors think we should necessarily have a positive month when he has an equal weighting in short and LONG. I agree his permabear mindset is what has cost the fund performance as it really is his long performance that has been the biggest deficit given the strong bull market which he has refused to remain open to over a long period. If he had tracked closer to the index in general then this 5% outperformance month would have been a perfect month for a hedge fund.

The NTA gap is really up to the market to close based on performance. I guess after the damage he has done to ALF's reputation over the years, this will not close any time soon. Obviously the BB has not helped as the general underperfomance in hedge and long/short funds has been ongoing across most of these funds over the last 5 years and as ALF is one of the worst, there appears to be no end in investors wanting to exit well below NTA.

Time to close it down for an instant 17% return which equates to probably 3-4 years of ALF returns!