Yes,I read the report. It just confirms something I could see happening with this fund every day. When VWEHX went up one cent,other junk funds would be up two cents. When VWEHX was unchanged others would be up a penny. But when other funds went down two or three cents VWEHX went down just as much. So,at least the fund manager admits his lackluster performance. But I don't buy his explanation that VWEHX is following a conservative strategy designed to ensure steady dividends and limit losses. I'm sure his superiors are not happy with the performance either. Time for a change in management?