Ann: Change in Portfolio Value, page-12

@ PJ. Maybe I've been out of the picture too long. I could have sworn that JB was talking about "pairing" as part of his strategy at one the AGMs a couple of years ago. I've kept ALF on my watch list after I sold.

Anyway whatever they are doing it has not been achieving the fund objectives over a long period. The discount to NTA is warranted at this point in my opinion  And buying back their own shares could be seen as sinking good money after bad. Sure it might improve the NTA on a mathematical basis. But it still doesn't change the remaining underlying stocks held in the fund, or address the issue of stock selection going forward.