"We can't continue to suffer more and more capital loss for this...

"We can't continue to suffer more and more capital loss for this 'insurance package'." WR

Capital loss is directly related to entry price. Therefore one's "suffer[ing]" is another's entry point.

The divvy is a major part of this story. The other part is the ability to go short thereby buffering one's portfolio from September-October storms; while potentially delivering capital gains.

To hold ALF through a bull market run is imprudent and contrary to the fund's key shorting mandate. There are many equities, LICs, to choose from to go long, not many MNF or Long-Short instruments.

"[W]hen the divvy is reduced," is a screaming red flag for me, shooting that stock to the front burner of SELL.

I've been on both sides of this situation. This side -- entry BUY -- is nicer. On another equity I'm on the loss side and am considering doubling down to better my yield.

Good Luck all...

OV