What happened in 2018, page-2

I wasn't invested in 2018 but they did talk about it hindsight in one of their webinars. They mentioned a few very bad stock picks and they also got caught shorting some growth stocks. This fund is typically 200-300 % total gross exposure. So if they get the longs and shorts wrong at the same time it can go bad quickly. They are a stock picking fund and also try to guess the macro future. During March 2020 share price dropped below 70 cents when they got the early days of COVID quite wrong. Since then they haven't put a foot wrong and overall long term performance has been very good. It doesn't mean there won't be another year like 2018 at some point in future.