However, the fund comes into its own when there is a sudden swing in investor sentiment.
In 2016, for example, during the 'Trump trade', the fund returned 17.6 per cent, while the peer group achieved 10.8 per cent.
Although value has been out of favour, the manager has still delivered.
Mr Mundy says the current environment is more interesting than it has been for some years. Investors continue to overreact to negative news and Brexit is looming.
Both UK and global investors have put off investing in UK plc until the post-Brexit future is clearer. He believes this is already priced in, which means investors could miss out on potential gains.
Mr Mundy has a well-earned reputation as one of the most disciplined and successful contrarians in the UK. If you are looking for value, look no further.
Darius McDermott is managing director of FundCalibre