I'm afraid you can't look at fund performance that way.....between Jan-Nov the AUD/USD FX rate went from .769c to .712c which means that an almost 8% fall.
On ~80bn of global equities, that FX alone would have meant the FUM increased by 6bn with no underlying movement in the portfolio. The infrastructure fund probably had a similar FX benefit as a lot of the assets are offshore.
You only need to look at the Oct fund statements to see that they have underperformed their benchmarks in the 1-3-6 & 12 mth timeframes. The fact that they have still managed to hold on to these investors is a huge positive (and that is due to Hamish & his team).
Ann: Funds Under Management - November 2021, page-36
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