I'm starting to think the whole philosophy of a market neutral...

I'm starting to think the whole philosophy of a market neutral fund is flawed. The reason you employ a fund manager is to make a professional call on which way the market / certain sectors / certain stocks are heading based on your research. i.e. you take a strong position either way. Take a look at how other long / short fund managers performed in April. Most achieved double digit positive returns.
This might sound harsh, but it looks like JB ignores the market, and just sticks doggedly to the fund strategy regardless of the mis-priced opportunities available. If there was ever a time when a good fund manager could add value to a portfolio it was over the last 2 months.
In essence I'm saying Market Neutral = Performance Neutral in this case.
The only "gains" I can see coming for ALF is in the form of dividends from the companies held.
And of course the narrowing of SP to NTA.