I've made a fairly objective call of a lot of their individual...

I've made a fairly objective call of a lot of their individual holdings. One of which is already a flip flop out of being bearish Iron Ore positions suddenly into having Fortescue a top 10 long position.

I'm making the point that they're a global resources fund, based in Sydney, that have drastically underperformed most Australian resources plays worth their salt in the past 12 months and squirrelled away most of their firm's equity whilst doing so, causing one of the better alpha portfolio stockpickers to leave and start his own shop.

I'm definitely not saying its easy, I've made the same mistake on Bluescope that they did. Having this fund as your resources exposure in the portfolio the past 6 months would have been soul-crushing though considering the bull run we've been on for ASX resources plays. Noone should be surprised at the sell-off.