Sadly, for a fund manager this is ALL that matters. No more talk of "moats" and ":long term holding" and "what would Warren do", its that it has underperformed the Index by 1.2% since inception (not sure if this is before or after fees). I think the salad days for Hamish & the crew are over, and its time to walk the walk.
Ann: St James's Place Mandate, page-184
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