The long held position is a problem of mine as well.
Again using my figures, ETFs are a better product for large-cap no-trade managed investments. However, to switch from DJW or one of the others (AFI, MLT, etc.) to an ETF would wipe out returns with the capital gains tax. Especially since I hold them outside SMSF.
WAM, ALF, CAM, etc. who have only been around 10 years (WAM more like 15) do a lot of capital management, switch between cash and stocks and invest in more interesting companies. On my numbers they can perform better than ETFs and have the useful franking credits that ETFs only partially deliver.
Of course, past performance is no guarantee of future performance. However, it is one of my best indicators among a lot of uncertain ones.
BTW, my average length of holding these things is 10+ years so short term performance is not particularly relevant to me unless it is hugely different than historical numbers.
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