My biggest gripe with the WAM vehicles is that in the last year,...

My biggest gripe with the WAM vehicles is that in the last year, most of them (microcap being the exception) have underperformed the index.

Arguably, it's been a tough year in the markets for any portfolio manager, but my sense is that there has been a focus on the corporate actions and consolidations of other funds plus the franking tax issue and the fundamentals are not front & centre. Add to that Chris Stott retiring and there are some question marks on whether they can continue to perform as well as they have done in the past.

I've been a huge supporter of WAM, but a little lukewarm at the moment.....I hope they get back to stockpicking and leave the tax and politics for others to deal with.