Ann: Daily share buy-back notice - Appendix 3E, page-32

While it's true that ALF's performance has been poor over several years it has basically implemented its stated long/short strategy. As it turns out it has been the wrong strategy, but ultimately it is the fund's investors that are to blame for investing in the wrong strategy, not the management for having provided it.

That is not to excuse management altogether because stock selection within the strategy has been quite poor.

I have been in and out ALF several times over 10 or more years. Buying it shortly after the GFC and riding it during the boom was rewarding. Other times not so much. But overall, with the capital gains from the boom and good dividend's plus a capital return, I consider it to have been a worthwhile investment and have certainly not lost sleep over holding it.

Currently I hold ALF in my SMSF in place of about of 1/3 of its cash allocation. As such any return above 0.75% is a bonus, and its discount to NTA should provide a backstop against major losses in a downturn. And maybe provide some insurance should the shorts actually outperform for a change! But I certainly would not be holding ALF for growth at the moment.