Ann: Daily share buy-back notice - Appendix 3E, page-44

Long/short funds doing better in falling markets is usually based on pairs trading and nothing to do with cash holdings.
Pick two stocks in a similar industry, says banks.
You go long in the better company, say WBC and short in the worst company, say CBA.
If banks go up, the theory is the better one goes up more and your return is the difference.
ie. WBC = +3%, CBA = +2%, return = 3% - 2% = 1%.
Now if the banks goes down, then the theory being the worst company suffers more, keeping a positive return.
ie. WBC= -2%, CBA = -3%, return = -2% - -3% = 1% in a falling market.

The problem is its all down to stock picking just like any other fund. Go long/short the wrong way and you fall in a rising and a falling market.

I was in the WMK and AEG for a while. AEG did very well and I think is the pick of this type of strategy.

I'm watching ALF but more for what it feels about various companies than actually a purchase. If it starts outperforming it will close the discount.