interesting he would say that..
The fund is bearly back over where it was in mid 2007 and has underperformed the realtive LGC Equity Sector Gold and Precious metal since inception in 2006 from what I can see
http://funds.uk.reuters.com/UK/Funds/performance.asp?YYY622_Gbr1ILpwIogl2sHT+Rz7AhuZTH3KwZb8EX/lL+8rQLdJYHKuS8/al6LUw4RBMywC