Ann: Net Tangible Asset Backing, page-11

Net asset levels are safe.
This fund represents about 25% of my portfolio and i increased holdings throughout 2016 over brexit and US election concerns.

For the short term ALF have had bad picks.

Long term they should be safe and their track record is good.

I'd vote to hold and not acquire more as the bull run in the US does seem to have some legs.

That said, things could collapse at any time.

Never quite experienced a time like this in the world and David Einhorn's recent buying of gold suggests to me a large % held in defensive portfolio is not a bad play.