Using the world benchmark for the international fund while...

• Using the world benchmark for the international fund while investing in small caps to capture outperformance.

Do you realize that over the past 1, 3, 5 and 10 years (~when the fund was started) the MSCI world index has actually outperformed the MSCI small caps?

If they had use the MSCI small caps index you would have paid more in performance fees.