Ann: Change in Portfolio Value, page-9

Regret, I can't see ALF trading above NTA until they can reproduce some of the above-market returns of last financial year. The first 9 years of the companies existence had SP below NTA consistantly )at one point nearly 40%!) and only the last few years above NTA apart from a notable period in late 2015 where they dropped the ball. Let's all hope that history repeats and this latest period of below market performance is followed by a return to good form. Indeed, anything below NTA ($1.26?) is the right side of the equation, but looking back at opportunities can see $1.185 as perfect entry point, as per previous post.
ALF will always be a safe company to own, drifting as they do around 10% of a market neutral position, depending on Watermarks view of the world at a particular time. If we can get back to them adding some alpha with their specific stock picks that is just the cherry on the top.
As always, IMHO, and GLTAH.