I doubt this is true, if they stayed the course they wouldn't...

I doubt this is true, if they stayed the course they wouldn't have under-perform that much, they jump in and out and made a fatal mistake jumping out during covid-19 and the market turn too fast for them to re-act.

also fund management is all about fund inflow/outflow and momentum, once people leaving it is very hard to get them back
especially the retail investors where the margin is probably better

a turn around of one or two year out performance if they manage that are unlikely to get them back due to high fees and a case of
once burned twice shy.

Look at Platinum for a lesson once people left they keep leaving and not many are coming back.

I dont think they can keep going the way they are going, the rise of ETFs with cheap fees disrupts a lot of fund management business and they have to adapt to change or else

just like google and facebook and amazon disrupts the traditional business, those who adap went on to prosper and those who didnt dies
Nine adapted when the disrutpor came, they prosperly and went on to hit ATH, Network 10 didnt they vanished