Dividend, page-20

ALF have heaps of cash to pay dividends if they want to (one advantage of being market neutral is that they have 100% of funds in cash). However, earnings have not been great so franking credits are probably falling so they may not want to maintain the dividends at the current high rate. Still, the dividend is pretty good at the moment which helps justify keeping a holding as a hedge against a market downturn (which ALF obviously believe is likely).