Normally, I’d look at a 25% discount to NAV as an opportunity;...

Normally, I’d look at a 25% discount to NAV as an opportunity; but in this case I think that only a takeover or a wind up is going to close the gap. I don’t know what JB has planned, but I think that closing the gap by outperforming will be too much to ask. 3 years of severe drought with the ALF fund will require a lot longer to fix and probably a drastic change of strategy and manager before it can be confirmed that the ALF drought has broken !