Hang on. They are down -1.93% in August in a month a range of...

Hang on. They are down -1.93% in August in a month a range of other indices in their universe are down -8% (MSCI Commodity Producers Index),
-9% (S&P500 Energy Index) and -11% (MSCI ACWI Metals and Mining Producers (ex-Gold) Index). That is actually a very robust outcome.

What do you expect? Magic? No manager is immune to sharp market movements unless you have zero beta exposure, which TGF definitely does not. Look at their Alpha Plus Fund which operates on similar principles (although withour credit exposure). The December quarter last year was the worst in pretty much 30 years for markets. That fund was under benchmark by nearly 6%. Year to date today however, they are ahead by over 4% and clawing back loses rapidly. This is the principal of long short funds. It's not always about beating the market all the time in all conditions. It's providing a differentiated exposure and giving the flexibility to minimise the downside and maximise speed of recovering drawdowns.

Would we all prefer their performance was positive - sure. But you need to understand how the strategy is designed.