Experience with my William Evans Mannlicher 6.5x54 confirms she does her best work with 160 grain bullets. Interestingly, mine shoots the Sierra 160 grain Semi-Point better than the Hornady, not by much mind, but enough. The Sierras shoot into .8MOA and the Hornady's go into 1.2MOA.

Also, when I shoot competition with the old girl, a relatively mild load of AR2209, an H4350 equivalent Aussie powder, the 139 Lapua HPBT will group intp .5MOA all day long. Do you think I win comps with that little beauty.......you know it.

On game, I've used the 160 grainers, 140 grain Sierra BT's and Nosler 120 grain Ballistic Tips. The 120 grainers providers the best results on our medium game, whilst I couldn't tell the difference between the 140 grainers and 160 grainers on bigger game. Complete penetration on all game and quite instant kills. The 160 grainer is very traditional, but those 140 grainers at 2400 fps in the carbine shoot flatter and hold their velocity better at 200 + yards.

Hard to decide best bullet for all round use, probably best to use the 140 if your pragmatic, but obviously the 160 will get the job done really well if you're a traditionalist and not allow lighter than 160 to "pollute your barrel" LoL