Ann: Video update from Chief Investment Officer and Chairman, page-310

This comparison against the index is very interesting and seems to be flavour of the time.
If you go back and check the MFG the performance against the index was positive 3 to 4% over 10 year period prior to December 2020, when the Covid hit the economies. This is after the fees too. If someone can update other fund managers performance too prior to December 2020 it will be interesting.
I am not sure people appreciate the stimulus pumped in globally to recover from Covid. It is estimated 3 to 4 times GFC stimulus, around 25% of global economy.
It was fine to get out the massive hole Covid created in the economy. But now with most of economic activity getting back to normality you just have to take that extra liquidity away. Otherwise the inflation is going to crash everything. If you listen to Fed reserve comments, almost every week they are upping the action plan to reduce liquidity in a hurry by economical sense. How many Evergrands are around the world.? It is reassuring to see majority of the portfolio of MFG being rock solid.
During the coming years in my opinion the stock picking will be essential to make better returns, which indexes won’t give you like last 2 years.
It will be interesting to watch the turning point.