It looks like ActionLink always uses calls HttpUtility.Encode on the link text. You could use UrlHelper to generate the href and build the anchor tag yourself.
<a href="https://stackoverflow.com/questions/422929/@Url.Action("Posts", ...)">More…</a>
Alternatively you can “decode” the string you pass to ActionLink. Constructing the link in HTML seems to be slightly more readable (to me) – especially in Razor. Below is the equivalent for comparison.
@Html.ActionLink(HttpUtility.HtmlDecode("More…"), "Posts", ...)