Bruce Teele (AFIC Chairman) says ...
'In strongly rising markets,... interest in investment companies wanes as many investors take a greater interest in managing their own portfolios. Also the supply of newly listed managed investments continued apace through the year with a number of larger offerings coming to the market.
We also observe from our analysis of share performance history that the Company tends to underperform the market in a strongly rising market and tends to outperform in falling markets.
However, over the longer term, across these cycles total shareholder return moves closer to the underlying performance of the portfolio.'
why do funds underperform the index, page-6
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