I would also argue WAM has a lower risk profile than ARGO so not comparing apples with apples.
I would say an Aussie index ETF and ARGO have a similar risk profile so apples with apples.
Also I haven't done the numbers to your detail but from memory I would say ARGO went through a period or relative underperformance from around mid 2000's to around 2015
WAM Poor Performance over last 5 year, page-97
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