However, is it going to get closer to each other the NTA and...

However, is it going to get closer to each other the NTA and SPrice. I was told by another investor that the real problem here is not the funds but that Watermark used to have a really great short investment manager who is no longer with them and shorts - his opinion - is a really hard game - Shorts may well ultimately deliver but a lot of it is sentiment at first and the market as he put it can be irrational for a long time so shorting is a whole different game.

I to my great folly was so enthused by the past when I got everything ( great dividends and really great performance) that I held on far too long and even bought more when there was some light at the end of the tunnel but it was an oncoming train. I also bought into the international company IPO- WGF and really the presentation looked really good and based on how well they were doing it looked great. The real issue was that in real terms the benchmark was the RBA - an unfair metric in my opinion and the performance was a bit of a shocker.

I have a high regard for their longs but it's the shorts that drive the plus return in my opinion and if you have a market neutral bias then you may just end up losing what you are making on the longs. Adding to that the funds are beginning to look the same - My opinion was that ALF ( a Leader fund) would either be net short or net long not basically neutral - Neutral is the same as WMK. I understand there may well be a position in time that suggests neutral but as they portray all you have to do is find the pair - One better and one weaker. Well, they haven't been able to do that successfully and with no profit, you don't pay tax so no franking credits etc.

They cost me 4% of my capital in WGF and I got out of ALF in the range of $1.24.

Personally, I don't know if it will trade at close to NTA unless they fix the problem. Underperforming LIC's seem to trade an ever-growing discount ...

They claim to do well when its volatile and you may well see that but I am not sure. I am a preservation of capital person so prefer to cut my losses early rather than act emotionally... Good luck.