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85.0¢ australian leaders fund limited

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WR888

1,698 Posts.

21

24/01/17

13:12

Post #: 22103645
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Originally posted by eerrtt ↑

Hello all,

Just to take away some confusion, ALF has the ability to be net long or net short, or market neutral. They can make money during bull markets or bear markets, but generally aren't too risky on overall exposure. They mostly trade pairs, so might be long Oil Search and short Santos.

Whilst they haven't done much over the past 6 months, whilst the market has rallied, they will increase their NTA when the market falls, as they were slightly net short. I'd say the past few weeks have been kinder on them and their positions.

The dividend is not as stable as say WAM, but still has a pretty good track record in pay-outs and special dividends in good years. They are not bullish on the market, and should be seen as insurance.

My main issue is the premium to NTA, which at some stage, will return to discount. Great team and brains though.....

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Tq eerrtt,...I'll just mention two impt observations I came across :-
1) Since 2011, the dpu has been hovering at 5 cts and 6 cts at every 6-monthly period without fail.
2) From the 'Premium/Discount to NTA History' Bar Chart, ALF has always been trading ABOVE NTA since 2013. Prior to 2013, the Share Price has always been below the NTA. Value has been spotted since 2013, perhaps,....

ALF Price at posting: $1.43 Sentiment: Hold Disclosure: Held
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0 Great analysis

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