News: PTM Platinum Asset Management Says HY Profit After Income Tax Expense A$60 Mln, page-28

Its worth noting that PTM's failure to action the on-market buyback to date has saved PTM investors a lot of money. They could now comfortably execute the entire 10% buyback at current prices and still have cash to spare. If they had have started the buyback when they first announced it, they would have spent all the cash and only repurchased a couple of percent. In my view this is another good example of their investing discipline.
In terms of their recent performance, I am a strong believer that due to index flows, indexes can be more of a voting machine in the short term, but good value managers will win out in the long term. We are in the type of environment now where this should be borne out.