@peejay2 i am not sure what you mean by change in management....

@peejay2

i am not sure what you mean by change in management.

When the stock floated in 2004 as WLS the directors were Braitling, Abernethy, Gosse, Wilson and Matthew Kidman. Mathew Kidman has since resigned but the others remain and there are no additions.

They have changed their strategy recently by including foreign securities. I wonder if ALF will soon become some other name to reflect that.

Its true they have not been short the market like the last two years since 2009. But for the last few months they have have been less negative. I suspect the size of the fund makes it difficult to change bias quickly now. In 2009 they had 80m shares on issue and now they have 273m and the share price is 30% higher.

I'll give them another two years to prove themselves before dropping them from my buy list.

All the best.