I don't pay a lot of attention to MF managers' narratives unless it's someone who has a record of good analysis and honest explanation about their funds' performance. The following sentence struck me while reading a semi-annual report of a fund that used to be very successful but is no longer managed by the person responsible for the out-performance. The fund has lagged badly since then, maybe this is the reason: "Generally speaking, the fund’s holdings did not receive favorable
market attention during this time." Needless to say, I'm not buying.