Yep, I do agree, that Cadence need to win the market back with...

Yep, I do agree, that Cadence need to win the market back with some solid progress. But I don't think you are taking the whole process into consideration. Even with a woeful 12 months, this fund has returned 12pc per annum since inception, beating the index and providing franking credits as a bonus.

Yep, they haven't performed well of late, but they trade trends and technicals, which can take a while to turn or form.

Looking at their large holding in HGG, they would have done very well again this month. Although a short in WPL is not going to help! MQG is doing well, and they must be getting some great income from those buys during the GFC.

Time will tell, but I see this closer to the bottom than the top.