The investment industry is fixated with performance numbers.Trustees are bom- barded each month by numerous surveys listing the performance numbers for each manager.The press provide comparisons of performance numbers and even the asset managers are quick to punt their short and long term outperformance. In the search for asset managers who can deliver performance excellence, the num- bers paint a multitude of different pictures. The way you choose to interpret and analyse numbers can be more important than the numbers themselves.