From Appendix 4E - The Comprehensive Cash Statement
Dividends Long Portfolio $9.2m but Dividends from Short Portfolio $15.4m when the long matches the short in size. So why the big difference?
Also Interest Expense ($6.0m) - Is that the interest on borrowing stock to short?
But next entry is Stock Loan Fees ($3.6m)
These 2 expenses ($9.6m) are roughly matched by the interest generated $9.0m. With longs and shorts balancing appears close to a zero sum game except brokerage charges are double for long only.
But all of above is minor compared with Operating Profit - $29.4m 2017 - $56.5m 2016
Picking a market direction appears to be less important than stock picking.
ALF Price at posting:
$1.12 Sentiment: Hold Disclosure: Held
