It would be interesting to see if we can benchmark their equity...

It would be interesting to see if we can benchmark their equity exposure (against say a weighted mix of commodity producer and uranium ETFs) take net exposure and currency into account and see how much they are underperforming. Tricky to do but worthwhile - will advise if I manage to get some relevant ETFs together.

I agree that given currency tailwinds and general macro trends I'd expect a manager that can go short and dial up/down net exposure to actually demonstrate alpha capacity and risk management skills.

E.g. I don't expect a manager to run essentially the same net exposure in the face of the coronavirus impacts on commodities and shipping. I could easily dial down exposure via commodity ETFs so why pay much higher fees and suffer such large discount risks to go with active management if they can't do the same?

If they had alpha they'd be able to use shorts much more extensively in the face of such headwinds.