And I was expecting a neutral to positive return for...

And I was expecting a neutral to positive return for December!

Down 7%...with cash of 40% this is equivalent to being down around 12% for the month on the non-cash investments. And down 40% for the year, thus worse than all their comparison indices.

Bright side is lower tax on accepting exchange offer and reduced direct investment exposure. Hopefully they have just been aggressive with the revaluation of direct assets for these benefits.