Ann: On-Market Share Buy-Back, page-78

Except none of these 'value' managers invested in the sectors that are working in FY22, and so further under performance will occur.
It looks like the 'value' managers invested in same sectors that have worked well over the last decade.

Do we see any resource based company in any MFG funds?
What about tobacco?
What about China-ex tech shares (preferably through the hk exchange where the same share can be bought 30-40% cheaper than the identical share on the mainland)

And so for another period, I see a further underperformance against passive index returns.

At least when the funds where generating positive returns, whilst those positive returns where 'underforming', now we are seeing actual negative returns.

And those 'negative' returns are not going to be good in holding customer accounts. The next to jump could well be retail, if negative returns persist. (I think retail is less influenced by relative returns, but are focused on actual returns)