No, these conditions aren't great for market neutral funds but...

No, these conditions aren't great for market neutral funds but ALF does not need to take a neutral stance. It is not WMK. There has been a deliberate choice to maintain this stance and it has been a poor choice. The refusal to accept this bull market is pure stubbornness.

I do agree that this may change it may outperform at some point. I also think that ALF trading at a discount may be a good entry point or a time to buy. But until market sentiment begins to turn, it seems premature.

The capital return is basically an admission that you can do better with your capital than they can. Doesn't that say it all?