The market had been more volatile than others, including New Zealand, and returns had lagged.
Australian shares were behind their global peers on a one, three, five and seven-year basis. Returns were disappointing compared with the local market.
When dividends were excluded, Australian share prices were still 13% below what they were in 2007. In contrast, New Zealand shares were almost 20% above their 2007 levels and the US market was more than 60% higher.
There were a range of reasons the Australian market had been so difficult, Mr McIntyre said.
''For a start, you have two heavyweight sectors in banks and mining that dominate.
''When these two are going well, like they have in years gone by, Australian shares fire on all cylinders.''
That had not been the case lately. The banks were under fire from regulators to hold extra capital. They were facing headwinds as the overheated housing market lost steam. Investors were worried about rising bad debts and falling profit growth, he said.
The mining sector was also facing challenges. The sector was highly dependent on China, and while the long-term story there was intact, the best years of the resources boom had passed.
The years from 2000 to 2010 had seen China, the world's second-largest economy, industrialise.
While initiatives such as the ''One Belt, One Road'' vision were exciting, it was still difficult to see it competing with the previous period.
Economic problems facing Australia included large budget deficits, political dysfunction and a strong union presence ensuring the labour market remained inflexible.
But it was not all gloom and doom.
Apart from the two big sectors, there were genuine world-class businesses in Australia. They included those in the healthcare, infrastructure and industrial sectors - many of which were exporters with global operations.
''Our approach to Australia is to take a more targeted approach than in the past, identifying companies meeting our investment criteria and objectives against the backdrop of a challenging market and economic climate.''
