I agree, if you want to follow an index, buy an index rather than a bland or vanilla fund, you only get CGT issues and as you say mediocre performance.
If you want specialist investment in a specific area or strategy, then use a fund that does that eg resources, currency hedging, soft commodities, smaller companies etc.
PS - this post is NOT sponsored by the funds management industry, before any knucklehead starts pilling #%*& on anything I say that tries to add a semblance of reality. ;}
