Well market neutral just means they have short sold a hold bunch...

Well market neutral just means they have short sold a hold bunch of shares they think will do poorly and used that money to buy a whole lot of shares they think will do well. As I've said before, if they get both sides wrong then they can generate negative returns on long and short and exacerbate their lack of talent.

If I look at another active fund I own Monash Absolute (MA1), whilst they haven't been brilliant on some of their small cap longs, they are very selective on their outright shorts. Most of their shorts however are done as a 'pair trade' which is a much safer type of trade as they only need to pick a relative winner between 2 companies. They have actually performed very well in relative terms this year and have previously had some good upside years with their longs. Much smaller and targeted focus for these difficult market periods. Their NTA monthly report was a good read today.

I think there are many of us looking to jump this sinking ship, but too many are jumping into the life boats ahead of us. The white knight doesn't appear on the horizon given the easy returns an activist could generate if they sank this boat for good.

Interesting to see Geoff Wilson was an absent director at the AGM. Not sure if anything can be read into that?