Macquarie Underperform valuationation on PLS, page-172

Now Happy Cats... some here say that I am just a lowly duck.
Sometimes I do take exception to it but I generally just put it down to a bias against ducks.

I do always like to follow up any negative because hey they might just have a point.
So that got this black duck thinking....

What if these Macquarie people and the expert professional analysts you mentioned have it right?

What if I'm just a dumb duck

So I thought well, I know what I did for the last year ... and you know ducks do not like to brag. But what if I just wasted those 1,000+ hours of research and could have just invested in the authors and professional analysts of such a fine report...

Anyway... I got to thinking... if these guys are that good let's see what they did for the last year. You know, sort of check out their performance.

So I logged in using the last disruptive technology to hit the world and looked at their fund performance. I am now wondering if I made a mistake

Over the past year net returns
Global Managed Volatility Fund 6.49%
Emerging Markets Funds (-18.03%)
Global Equity Fund (Hedged) (-5.34%)
Global Franschise Fund 6.85%
Global Franchise Fund (Hedged) 4.65%
Asian New Stars No 1 (-18.24%)
Asian Alpha Fund (-13.81%)
Australian Small Companies Fund 36.73%
High Conviction Fund 10.9%
Polaris Global Equity (-1.84%)
Walter Scott Emerging Markets (-3.97%)
Walter Scott Global Equity 1.69%
Walter Scott Global Equity (Hedged) 1.59%
Australian Fixed Interest Fund 3.38%
Income Opportunities Fund 1.13%
Diversified Fixed Interest Fund 1.72%
International Infrastructure Securities (-4.39%)
Intl Infrastructure Sec (Unhedged) (-2.89%)
Winton Global Alpha Fund (3.56%)

Then... I go to thinking... well I'm just too embarrassed here. How can I possibly post my returns for the past year against that? How can anyone here. I mean is there a mistake. What is going on... duck confusion... Almost half went backwards. Is there something I'm missing? Do they throw in a free Tesla S every year. What's going on here....