I would say that this performance profile is consistent with the...

I would say that this performance profile is consistent with the style of portfolio that FGG invests in.

My view of the portfolio is that it is set up to be exposed to less risk than the general index. The observation is supported by the portfolio consistently showing lower volatility than the index, and commonly showing lower return than the index.

In other words, it is further down (to the "left) on the risk-return curve than the index. As such it is reasonable to expect lower risk and consequently lower returns (before taxes and costs) over long periods than the index. Any differences between the index and portfolio over short periods (less than say 5 years) are just as likely to be due to random noise as they are to be from any skill by the investment managers.