Keep in mind that many investors who sell to realize a tax swap will flip into a comparable vehicle. Given the disastrous performance of many other value managers, this could be a catalyst for flips into DHIL's funds, which while absolute returns are poor recently, are still largely category-killers over longer periods.

Put it this way, if you're sitting on a massive tax loss w/ Bill Miller, Marty Whitman, Mason Hawkins, etc, and you want to sell that but stay in the market, which fund would you move into? I think DHIL's funds stand to gain a fair amount of this business.