This is a special-situations style fund, and as is often the case with funds with such a flexible approach, they underperform the index when it has a bad year.  2007 was such a year, though the damage was not too great.  When an upward trend is re-established the fund should resume outperformance, as we would expect from a fund with a special-situations style.  

This is a higher risk fund, with the currency exposure, though not terribly so.  

To achieve long term capital growth through investment in North American securities. It may also invest in Canada, and in companies which are listed, registered or trading within North America.