I also like ALF for its diversification and accept the lack of...

I also like ALF for its diversification and accept the lack of transparency as part of the deal (as I do with NCC). If you need transparency, stick with CDM or the WAM family.

A 'flat market' is only in aggregate and usually reflects a proportion (say half) being up (say +5%) and half being down (say -5%). Should you be market neutral (as per ALF currently and WMK generally) and pick well and you could be well ahead (~10%).