“You need people [who] have their sort of big boy pants on to do this sort of stuff and not to … panic and run away,” Mark Nelson, Caledonia’s founder and chairman, says in an interview, one of more than a dozen with insiders, investors and friends of Vicars, 57, and his co-chief investment officer, Mike Messara, 41, conducted for this piece. “It’s unlikely we’re going to change … if people don’t think [our fees] are value on a net basis they can move on.” Such is the turbulence since the inception of the core fund strategy in 2012 it…