Ann: 1H FY2021 Results and Investor Presentation, page-7

HI Lost

Been following your posts for a while

Have had a holding in PAC for a couple of years. One thing I never quite understood with this company is their generation of revenue they receive with their ownership stake in different fund managers. With a standard fund manager say with 1 percent management plus performance fee on FUM you can say exactly what the profit would be minus costs are. WIth PAC do they receive a distribution proportionate to their holdings in these companies or could it be anything to what the fund manager company entity decides the dividend to the owners to be ? If the fund manager needs more cash they can they decide to pay owners nothing for the year and hoard or invest this cash ?

If this is the case what are the benefits in holding in such private companies with no liquidity to sell out their ownership holdings and they have little say to what yearly distributions they could receive from them. I think this is what makes it so hard to value PAC vs a standard fund manager.