Ann: Daily share buy-back notice - Appendix 3E, page-78

I dont think they will be getting taken over or changing their strategy anytime soon. So the third option is the best chance for things to turn around (market crash)
Not so much because their shorts will kill it.. But as you pointed out they are near market neutral so all thing being equal in a market crash of say 25% you would expect them to be pretty flat or slightly up.. which whilst happening would remind people why their is a place for these strategies in a portfolio.

Problem is not the strategy.. it's as you said that they are not very good at implementing it compared to their peers in the long/short space who have much better records.