Is this as good as it gets ?, page-29

Yes we are a bit in the dark about what their net exposure to the market may be. We are nearing a 10% correction so potentially ALF may boost this net exposure.


My gut feel is they will not increase it by much unless the sell off becomes more severe and the dip is more like 15-20%.


Currently they are still very active on the share buy back. Perhaps that implies the NTA hadn't changed a lot in October and they are buying back at a larger discount as the price has drifted.


Watermark neutral has an unlisted product where you can track the price and I don't think that has changed much in October. If ALF still has near zero net exposure than this could be a loose guide, but we don't know for sure.