@bons.... You have clarified what I have been constantly saying...

@bons.... You have clarified what I have been constantly saying on this thread from the start ! (and boo hoo, got more thumbs up than me !!). Its a case of JB (or Junior Justin) being allowed to run amok in the playroom ((the playroom being our fund with in excess (at the moment) over 300 mil in funds)).

Justin says "Last year was a difficult year for the Australian Leaders Fund (ALF or the Company). Challenges in the period were felt most strongly in the 6 months to December 31, where the gross value of the Company’s portfolio fell by 3.1% before fees. This setback looks even more unsatisfactory in the context of a share market that has surged higher.
ALF is an Absolute Return Fund with two key objectives, to outperform the All Ordinaries Accumulation Index through a market cycle while protecting the Company’s capital when risks in the share market are elevated. Risk in asset markets is primarily reflected in the price, and in our view on most measures, risk assets such as shares are historically very expensive, posing a significant risk to investors. Many investors forget that the Australian share market is still yet to fully recover from the losses experienced through the financial crisis, with the market still below its previous peak reached in 2007, over 10 years ago.

My question ... regarding the comment "Many investors forget that the Australian share market is still yet to fully recover from the losses experienced through the financial crisis, with the market still below its previous peak reached in 2007, over 10 years ago." is then why then in hells name would you assume that the market is then overpriced (and hedge accordingly) if it was acknowledged that it hadn't reached the position it was 10 years ago ????

Its good to see someone else with the degree of frustration and vitriol that I have IRT this fund, but more importantly IRT its mismanagement over a sustained period. Like I said previously...Only a fool makes the same mistake over and over again; and expects a different result ! It would seem that our fund is being run by fools !