Ann: Change of Director's Interest Notice, page-22

I didn't say I could pick the market, but I can say that JB has clearly missed the moves of the past 12 months. ALF has the ability to go directional but they've kept a neutral stance (and often net short at times, against the trend). It's fine to be conservative but even with that neutral stance they'd be able to make money if their long/short picks were any good. The best that can be said is what adapter said: at least they haven't lost money. I'd be concerned about whether they can keep the dividend up. I sold out recently, but my skin in the game is that I hold some WGF which you can pick up at a discount (though it does have outstanding options to consider).

I think overall we agree: these funds are for preservation and we have concern about their recent stockpicking abilities. All I'm adding is that ALF's ability to go directional should give it an edge but they've failed to pick those moves. I decided WGF was more attractive due to the discount, and I've reduced my overall % in this style of fund. ALF holders will probably be laughing if there's a crash, it all comes down to risk appetite, stage of life, etc. For a youngish person, if you spend all your time fully hedged, don't be surprised if you remain stuck in the bushes.