Hello Jason, could it be possible that, since fund managers have the asset allocation aspect set for them given the funds' mandate, the only thing left is security selection? In other words, in most cases they have limited opportunity to move between asset classes. If so, that would explain the disparity between the theory and this year's results. Several studies have conclusively demonstrated that the asset allocation decision is far and above the most important contributor to the funds' returns. I take this opportunity to wish you and yours the best of the season. Savio