It was probably distributed to "sophisticated" or rather retail...

It was probably distributed to "sophisticated" or rather retail investors with a bit of coin through broking channels (Macquarie, Ord Minnet etc). One boulder broken into millions of pieces.

Its a well known fact that nearly every fund manager fails to outperform the index for various reasons.

If they do have an edge over the rest of the market it is incredibly small... so I don't loose any sleep over that element. I couldn't care less to be honest.

I am quite excited by the fact that Chinese property has being so weak for so long and there is a lot of pressure on Xi. To me I sense positive action sooner rather than later.

i was far more concerned when Evergrande first got in trouble and the crisis was fresh. What we have learnt since then is the IO market isn't reliant on the Chinese housing market, rather it is latent potential.