Ann: Video update from Chief Investment Officer and Chairman, page-80

So @lost they are given shares that are held in escrow and they can't sell them, why would they be worried about the short-term blip. Barrenjoey was given "$90m in cash" and "$50m" in working capital, I think the people that moved over knew what they were getting into, and they would be more interested in ensuring their bonuses came through from the deals they did / are making / and will make in the future.

I notice that you continue to refer to Barrenjoey as barren joey. It's not a kangaroo that can't have kids! Please get it right for your own sake. And if you're trying to be funny and imply that Barrenjoey won't succeed, well I think you are just being disrespectful to other posters on HotCopper.

I also note that you have attempted to diss a 7% return in the last quarter in another thread. If we extrapolate 7% over 4 quarters that equates to a 28% annual return. Last time I check that's not too shabby.

You've been downramping Magellan for a long time now, in particular against GQG and PAC, and it's getting boring so I'm wishing you would get @lost and take your views somewhere else.

PAC is merely an aggregator of funds, putting in people into funds managed by other managers like GQG.

I wouldn't invest in GQG either. Why? 74% of shares held by insiders (or which > 60% held by Rajiv himself), 4% held by instos, 17% of float held by instos, leaving about 5% floating so you are effectively investing in Rajiv's plaything. Oh by the way I noticed that from October to November they reports FUM of $90.4B (October) to $87.3B (November), minus $3.1B. I don't see you highlighting that in your downramping of Magellan and upramping of GQG and PAC. IMHO Rajiv hasn't built a funds management business from the ground up in the way that HD has, he brought one with him when he left his previous organisation, and he's not giving anyone anything by floating on the ASX.

If you or anyone else bothered to look, HD (and Chris Mackay at the start) reported in their first financial report FUM of $336M, and built it to $113.9B last FY. By my calculation that's an average growth of 56.4%. His worst years were FY16 at 11.31% and FY20 at 12.11%. Even FY21 FUM grew 17.18%. See below.

		FUM ($M)	1yr growth	3yr growth	5yr growth	10yr growth	Inception
1
2	30/06/2021	$113,900.0	17.18%	17.89%	22.98%	45.09%	56.54%
3	30/06/2020	$97,200.0	12.11%	24.31%	21.72%	56.54%
4	30/06/2019	$86,700.0	24.73%	28.89%	29.82%	71.54%
5	30/06/2018	$69,509.0	37.38%	24.95%	36.45%	70.44%
6	30/06/2017	$50,597.0	24.95%	29.10%	66.07%
7	30/06/2016	$40,495.0	11.31%	40.20%	71.17%
8	30/06/2015	$36,381.0	54.73%	108.64%	101.32%
9	30/06/2014	$23,51.0	60.01%	104.34%	126.66%
10	30/06/2013	$14,695.0	266.85%	137.28%	112.90%
11	30/06/2012	$4,005.7	45.34%	116.82%
12	30/06/2011	$2,756.0	150.55%	101.67%
13	30/06/2010	$1,100.0	179.90%
14	30/06/2009	$393.0	16.96%
15	30/06/2008	$336.0

Now HD and Magellan are looking to diversify into other areas. They have spent $m's in the last couple of years to set themselves up into the future, with a number of things off the book. I'm happy with that. The only thing that will stand in their way are downrampers like you and people looking got "gotcha" moments.

All the views and comments are IMHO of course.