Can't argue with the negative performance over the last 5 years...

Can't argue with the negative performance over the last 5 years for the Australian fund.

My theory is the Australian fund grew too large for Steve. So he grew his team and moved to larger (but not large) companies. Posters have already talked team. But maybe the investment universe hasn't helped: I had assumed they'd add the most value in the smaller companies, whereas it is harder as you move up in size. The end result seems to have been diworsified returns from poorer overall stock selection in a tougher market.

I think there is a lesson and warning there: It is hard to grow funds under management under a small companies strategy and still deliver returns.