it will be interesting to see when the rate of FUM losses decline. The team, outside of Hamish are very capable, so I have no doubt at some point they will outperform again. The problem is, how long will that take, and what will the FUM be at that point? It's hard to make that prediction, given their skills are very tilted towards high growth mega caps, especially in tech. If value and cyclicals maintain out performance, there actually may be no long term mechanism by which they can attract FUM growth again, short of an acquisition.
Platinum are a perfect example of this. Has taken over a decade for that paradigm to shift.
This is one to keep an eye on, still haven't bought back in, no reason FUM can't halve again sadly.
MFG Price at posting:
$13.98 Sentiment: Hold Disclosure: Not Held
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