More likely it's your technique.
What I experienced.... at different distances, you have to adjust
your aim.
I'm going to have to go into Newtonian mechanics here... bear with
me.
Anyway, the rifling (i.e. the internal grooves) of the barrels is
meant to keep the bullet in a straight line. However, after some
time, the path of the bullet becomes parabolic. To those who don't
know what is a parabola, it is roughly the same shape as a
semicircle.
This was what I experienced:
At 100m and below: The bullet travels in a more or less straight
line. Thus you ought to be able to aim anywhere on the target.
Obviously, try aiming for the middle. Don't try to be superman and
aim for headshot (unless if it's Fig 15 of course) 
At 200m: The bullet is in the upward portion of the parabola when
it reaches the target. Thus, it will hit somewhere just above where
you aim. Therefore, try aiming for the base of the target.
At 300m: The bullet is in the downward portion of the parabola. In
other words, the bullet will hit just below where you aim.
Therefore, you should aim for the top of the target.
That's what I experienced, and that was my reasoning. There may be
holes in my arguments, though. Any comments.... anyone?