Look, trying to go through both of your post together. As I...

Look, trying to go through both of your post together. As I explained here the fund look at outperforming benchmark and not necessarily previous year performance.

Now, every benchmark had pullback every now & then. sometime it last longer while other time it is for short duration. the fund manager like most of us also need to earn the wages so 1% fee goes towards it, obviously you can debate if it is more or less but that is the purpose of that 1%.

the performance should always against the benchmark including if you are managing your portfolio yourself (in my opinion). so what you need to look at is long-term performance against that benchmark not short term. As below All ordinaries in last five year had total performance of 9.16% while for the same duration WAM had total performance of 9.22% !

As you can see in the chart the index goes up while WAM share price goes down, but still WAM beat the index that is because it keep spitting out dividend !!!!

On WAM website they also had a graph (copied below) which explains that their share price performance for long duration also low but their total return (incl. franking) goes well above index.

so while you may be someone like me who bought above $2 and thinking why the hell it is not going above $2 then remember share price growth will be slow it is the dividend where you get your return on investment.

so i do have my own frustration and i will exit but over last 2+ year i learnt that this fund purely trying to beat benchmark (this includes past years but over long duration instead of year or year) and it is giving return back in the term of dividend. I won't stay around long but until i find opportunity that is equally good (9% / year return) i will be around with WAM !!!!