FPACX significantly underperformed its peers in 98-99, and I think before that, too. It was a while back, but those were some really bad years for FPACX. 2008 could just be another one of those bad years.

At some point FPACX will bounce back & could have another string of great years. But don't know when or how well it will do in the future. The game changed for equity portions of portfolios, when the SEC eliminated "uptick rule" in the past year.

The uptick rule prevented short sellers from short-selling, until there was a tick back up in the stock. That's no longer the case. Now there can be a cascade of short-selling, with no speed-bumps to slow it down. That's why there's extremes on the downside like never before, followed by an exaggerated upside. So equity portfolios went down more & more quickly than usual this year, because the uptick rule was done away with.

If the new SEC Chair re-instates the uptick rule, equities will not fall so far so fast. And that will soften the downside for equity portions of portfolios. Maybe that's why FPACX fell further than we anticipated. Short-sellers of commodites & other stocks were like mauling lions, and there was no uptick rule in place to slow it down.

That could be a big reason why FPACX dropped as far & as fast as it did. Until the uptick rule is re-instated, there's nothing to stop equities from dropping farther & faster than usual on down days again.