Your "question" that the HC moderators understandably moderated...

Your "question" that the HC moderators understandably moderated for reading much like an ad is best answered with more questions:
Are the JB Hi Alpha funds that are run by the same management as HML and BHD subject to the same regulations and scrutiny as the ASX listed HML and BHD?
The answer, of course, is "No".

If those funds were subject to the same regulations and scrutiny as the ASX listed HML and BHD, would they be perforrming as well as they are reporting or would they be in the same troubled water as the ASX listed HML and BHD?
I do have an opinion on this but it wouldn't be wise for me to share it here. I'll just say "Time will tell".

Should investors in the JB Hi Alpha funds be worried?
Given the current state of affairs with the ASX listed funds, if I were invested in either of these funds I would first do my own research into the issues, then I'd try getting in contact with the directors to ask any questions I might have (and I would have plenty), and finally I would make my own decision as to whether everything is ok or not with the JB Hi Alpha funds based on the answers I got to my questions from the directors.