Quote Originally Posted by Montello View Post
With that bigger gap to the benchmark it can’t be trying to track the benchmark as tracking error is usually small. Not 6% different…
I see the sector allocation blurb talks of underlying funds, so M1011's investment is in a "fund of funds" - perhaps that precludes accurate tracking of any one particular index - it uses "Global Equity Benchmark" but references a note on page 4 so presumably that's the nearest/most appropriate index benchmark applicable. Although the gains lag the benchmark in good years, at least the losses in 2022 were less!