The reason I have compared it with all ordinary is because WAM themself use All Ordinary as benchmark and they suppose to perform close to that benchmark.. IMO.
Majority of funds don't outperform benchmark, however in this instance WAM is total out of touch except between 2007 to 2010 period where they outperformed benchmark based on chart.
Yes, there is one issue with the chart and that is that it doesn't include dividend but the objective here is to see that in last 5 year capital has been lost for the investors but still fund manager got their 20% fees thanks to the formula they use to calculate based on Fund Under Management instead net total return on investment... IMO. (Yes, all funds are like that not just WAM but there are funds who charges lower fees and do better then WAM as well).
WAM Poor Performance over last 5 year, page-10
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