ALF is holding up for a reason which is completely unrelated to...

ALF is holding up for a reason which is completely unrelated to the market falling. Someone (maybe Kingston?) is aggressively accumulating shares which is supporting the share price. Average volumes have been extremely elevated in ALF since the start of February. Average daily volume is now c650k vs 250k shares per day at the end of Jan.

Volumes have really picked up this week in particular after the AFR article. It's possible that other investors are also buying with a view that they will be able to realise NTA if the fund is converted to a trust or the manager is changed.

Basically, I'm saying the most recent share price movements in ALF are unrelated to markets rising or falling.