Inflection Point?, page-135

When markets fall in price redemptions rise.

This is more obvious when managed fund inflows are less than redemptions.
The larger funds inflows now choosing ETFs mitigate net outflow reported.

I believe it is fair to say every international fund vehicle is going through a soft patch, but actively managed funds are being more significantly and noticeably impacted.

I am not expecting markets to perform wonders and reverse the current tide. I do expect individual sectors and stocks that are seen as oversold will. That is the difference between a managed fund and an index fund. Neither is exclusively the right or wrong place to be, like industries the investment structure that works best will rotate over time and only the very best managers can do better.

As a long term holder of PIF with a net return far in excess of 12% compound over 25 years, I am happy to back in PTM's investment approach over the long run. When they outperform I have always lightened, when they underperform I always add. That is just my simple overlay recognising that no fund manager is that smart every year or that dumb every year, relative to an index. They are just weighted differently to different countries/sectors/stocks.

ATM very few active managers has even come close to the indices which are at nose bleed levels. I reckon that will change over the next 12- 18 months, like ARKK. "Those that are first will be last and those last will be first" (I do not claim to be the author of those words).