Fund managers, page-217

yes. ive been saying the downside protection is false marketing. the historical 50% down capture is an outworking of the past, and largely in rising markets. selling this as any real future protection is false markting.
unless..
you have 50% cash, or
have a short book (like platinum), or
regularly buy put options.
thats the only way a manager should be marketing true downside hedging. not credible to market downside proection if 100% equity exposed.
and if the defensives dont actually protect, its all blown up.
the portfolio has high factor exposure to a few factors and is highly correlated. its marketable and sexy due to the easily recognised brands, but its not whats on the wrapping.

and the HC fees and benchmarked to 10% absolute returns. so not only they underperform the market, they take a performance fee as the markets are rising >10% a year. complete ripoff.