The three year numbers continue to look strong and investors who have been willing to ignore the periodic swings in sentiment that have characterised financial markets over recent years have seen a material uplift in their real wealth. Yet, anecdotal evidence from meetings held with managers and with private clients by ARC suggests that many private clients have a feeling of disappointment over the level of returns that have been achieved by their discretionary managers over the last few years. There is a sense of opportunity foregone and a questioning of whether a “passive” index-tracking strategy would serve them better.