Reviving an old question because it seems to appear at the top of search results.
I wanted to retain transition effects while still being able to style the actionlink so I came up with this solution.
<div class="parent-style-one"> @Html.ActionLink("Homepage", "Home", "Home") </div>
.parent-style-one { /* your styles here */ }
.parent-style-one a { text-decoration: none; }
.parent-style-one a:hover { text-decoration: underline; -webkit-transition-duration: 1.1s; /* Safari */ transition-duration: 1.1s; }
This way I only target the child elements of the div in this case the action link and still be able to apply transition effects.