I'd know a couple too. I used to think it was more of a "growth...

I'd know a couple too. I used to think it was more of a "growth at a reasonable price" fund masquerading as deep value, but have realised some of the holdings are among the cheapest in their respective industries at the moment. The weighted average EPS growth seemed to be about 20% p/a, so assuming they bought at fair prices, you'd expect returns of maybe 16% p/a after admin. and performance fee's. The fees are on the high side and they are definitely selective in presenting information, so it wouldn't surprise if there is something slightly off with the EPS growth figure being presented. Although whats bad for the fund investor is good for the MAM shareholder (ie. high fee levels and a bit of salesmanship to keep jittery investors onboard).