Ann: Change in Portfolio Value, page-5

The Watermark Market Neutral Trust has become a diminishing proportion of FGX's holdings (but only because it's been losing money I guess, not because they've been selling). At the very least though, it shows FGX haven't placed any new money with them.

November 2017: 7.2% (https://www.asx.com.au/asxpdf/20171214/pdf/43q5mzmn7c0cyj.pdf)
October 2018: 5.2% (https://www.asx.com.au/asxpdf/20181113/pdf/4407vqztvw3x3t.pdf)

Now, FGX has done a placement this month, so it will be interesting in the next few months NTA reports to see if they're sending more money Watermark's way.

Regarding ALF, even a broken clock is right twice a day, but all they can seem to do is underperform. It underlines the fact that it's about stock picking NOT the spurious lines some people repeat about how a fund like this will do better in a falling market.