Most microcap funds (unlisted) also turned in a poor performance from an absolute returns perspective. If you compared WMI's portfolio performance, which is the only number you should really look at, they would have been second quartile to their peers over the 1 year to December 2018. So not a top performer, but better than average. That said, one year too far too short a period to judge performance over.
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- Ann: January 2019 Investment Update
Ann: January 2019 Investment Update, page-8
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