Ann: Change in Portfolio Value, page-8

I couldn't have put this better myself. I was invested in ALF for a number of years for the reasons that JB bangs on about at every annual meeting. However as soon as they strayed outside the ASX I started to see a pattern emerge that I didn't like. i.e. falling NTA when the market falls. The whole reason I had ALF in my portfolio was for this purpose > to provide a hedge, plus a decent dividend stream. Otherwise I may as well be invested in the index. As you say, the problem is that JB (or his team) just can't pick stocks (long / short pairs) on a consistent basis.  If you look at the last 4 years of under performance it pretty much coincides with their "change of allowable investments" in 2014.  I really don't know how they get shareholders to support the remuneration report.