@sMiRK. Agree but disagree. I have been a holder for some time...

@sMiRK. Agree but disagree. I have been a holder for some time and the strategy of the fund had changed from being a great little long only stockpicker with a good dividend to the beast it is today. The fund has basically been hijacked from a simple LIC, to the current version. I dont accept the blame for choosing ALF in the first place, but I do accept blame for taking my eye off the ball with the change of strategy and not selling out earlier to protect the opportunity cost and loss if I sold today. Everything that you say about the fund above is true, but the really frustrating thing about it is, that its going absolutely NOWHERE ! Its just treading water due to wrong stock picks and shorts equalling longs ! Its not even a matter of ALF going up when the market falls ! It dont do nuthin !
The definition of stupidity is making the same mistake again and again, and expecting a different result !

If YOU were running a fund over several years and as you say the performance has been poor... wouldnt you change SOMETHING ? All I can say is that JB and his crowd must be making a fair whack out of fees, because they arent getting anything out of the capital appreciation ! Putting the entire 330 mill into WLE over the last 12 months would have paid better dividends (in every way) than continuing to run ALF the way it has been run over the last few years !