Ann: Change in Portfolio Value, page-10

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jeffw

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07/02/19

13:34

Post #: 37363189
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Originally posted by llee7130 ↑

Originally posted by imback
It is very clear they are getting both long and short calls wrong. So they are 200% invested in the market (long and short portfolio) and thus they are getting huge under performance in volatile markets.

There is nothing safe about keeping money in ALF given this exposure to the market and their track record, imo. I think the term 'market neutral' is very deceptive as it implies some kind of safety.
With the portfolio pretty much full hedged (short positions equal weight to long) you can't expect them to outperform the asx when it posted one of its best monthly gains in a while. I'm more concerned when they don't beat the falling market!

still, at approx 20% discount to nta, ongoing sharebuyback, still solid long term performance and an element of cyclicality in investment performance, I'd be a much more comfortable buyer than seller at these levels.

Originally posted by arpanp
another month and again underperforming. I think they are testing shareholders patience

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I am a bit of a novice but cannot see how a buyback in a market neutral fund can work in shareholders favour - certainly not enough to save this one. Would it not be better to re-set and put some of that money to work? Probably just stating the obvious but as a longish term holder this situation is getting to be a bit of a farce

ALF Price at posting: 96.0¢ Sentiment: Hold Disclosure: Held
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Ann: Change in Portfolio Value, page-10

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