As far as the past is concerned you are basically repeating what...

As far as the past is concerned you are basically repeating what I said and few others like @moonshine has mentioned. But if you look forward, first thing you need to recognise is this low interest rates and excess liquidity will end over next 2 to 3 years. As you said MFG should do better than indexes and the rest by 2 to 3 %.
But with much higher interest rates and government repairing their Budgets, downside is much greater. We have seen this happening in the history when interest rates start going up and liquidity is withdrawn. For sure MFG portfolio will take a hit too, but it could be 10% better than the indexes if the crash is 15 to 20%. what MFG loss over last 2 years could be recovered quite easily in a situation like that. High interest rates and less liquidity is not a time where you get easy money like last 2 years. This economical behaviour has not changed for last 200 years . Economies has never run on such high global debt level and 0% interest. As a results inflation has popped up which we have not seen for 40 years. When interest rates moves 3% most of the valuation of these companies will look very different and without market ability to pass on the increase cost to customers. No one can predict exact timing, but these balances in the economy has to be corrected. Only thing we can hope it will be gradual process rather than a major downturn. Either way MFG portfolio is best suited for next 5 years. Just forget going back to last two year, investors need to worry only about future.