That's no small feat, given the consistent underperformance of actively managed funds in general.
Sir Michael told a conference that previous reports had painted a "bleak picture of underperformance".
Restraint on taxes and regulations, in contrast, has conduced to economic underperformance and inequality.
Like most unique asset classes, the index has periods of outperformance and periods of underperformance.
But there is a price for that downside protection: underperformance when markets rise sharply.
The underperformance comes, in part, because of the 19% year-to-date decline of Apple Inc.
Its more recent quarterly results have been dragged down by underperformance in its publishing division.
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South Korea, according to the Bank of Korea, faces a prolonged period of underperformance.
The details of Mercury's underperformance between January 1997 and March 1998 are still fiercely debated.
Microsoft (MSFT): After a long decade of underperformance, the company may regain some of its swagger.
When it comes to financial underperformance, Dow Jones has plenty of company among firms with second-class investors.
These expenses cut into your returns and you will not get a refund based on relative underperformance.
Now, after a long period of underperformance, the sector seems to be pulling out of its slump.
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Effectively, the plan sponsor (whether a private company or a government) provides insurance against underperformance of plan assets.
These ratings or rankings have proven to be of little value in predicting future underperformance or identifying malfeasance.
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The cost is underperformance or, worse, losing years of appreciation in weeks or days, never to be recovered.
That move, however, might have hurt the fund's return due to underperformance of emerging markets in 2011, he said.
Anything less than that is an underperformance relative to the roaring U.S. economy.
Murdo Fraser (Mid Scotland and Fife, Con) asked what is to be done to turn round consistent economic underperformance.
But it is mainly a result of the economy's underperformance, especially at this stage in a recovery from recession.
But as irksome as regulations are, they cannot readily explain the economy's underperformance.
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But he said he's relieved that the team is no longer considered a "joke" after years of futility and underperformance.
The pension fund performance reports we reviewed all showed the same ugly results: horrendous underperformance and extensive self-dealing involving consultants.
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Two main factors have accounted for this underperformance, Barclays Capital analysts wrote in a 16 page report dated March 15.
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The extra return from the 25 percent winning funds is relatively low compared to the underperformance of the other 75 percent.
Further, the results of the winning managers may not be high enough to cancel out the underperformance by the losing managers.
After a 10% plunge last week, the shares are off 40% from last Spring, a big underperformance compared to other BDCs.
The underperformance of the sector in the years since suggests that traders have been noticeably more aggressive in their year-end picks.
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Ofsted said it had recently appointed eight regional directors "to spearhead improvements and tackle underperformance at a local and regional level".
Someone who joined the fund three years ago has been treated to stiff fees, high turnover, underperformance and a tax bill.
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