Ann: Funds Under Management - April 2023, page-12

Doing more homework on this, I find the answer on the biotechnology fund underperformance at 1:14 minutes very weak.

Apparently punters were bulling biotechnology stocks (buying them without regard to fundamentals because the price is going up) and PTM has a long short mandate but they didn't see it in advance?

So Bianca Ogden was head of this fund for her technical expertise and Clifford defends her by saying she was in the cheaper areas. Wise heads know cheap can get cheaper valuation is not a defense against drawdowns.

I'd have a follow up to Clifford are you not giving her guidance or having the team working together to succeed or fail together? He's the chief investment guy is mentioning Bianca a dirty way of not owning his own shit?

Are PTM managers stock pickers and portfolio managers because it's ideal but difficult to fit both in the same brain, was there someone else reviewing it and is this something such a review would cover.

If Kerr was involved I bet he'd ask questions like these as he's apparently quite meticulous and exacting, probably better than I could TBH.

After this pretty short review and reading prior threads I've decided not to buy PTM because if they're not acknowledging and learning from mistakes then it will limit their ability to improve, avoiding/profiting from bubbles should be their core competency as an institution regardless of the fund and finally I don't know if their stock picking skills are great with problematic things like CVNA & unknowns to me like perennially cheap China.

Based on that I conclude that I don't know if they can outperform the market for their clients to justify their fees above an etf, & that's the core of their business.

The question is not, does value investing work or is this a stockpickers market yes of course it does, it is and they have every opportunity laid out for them to succeed so they should knock it out of the park. Is the dividend high, yes the market doesn't trust it.

Is the market wrong, maybe I don't know.

There are just better ways at least for me to play the cyclicality of value.

Good luck to all in analysing and investing in PTM either long or short & as per usual to the victors go the spoils .
https://www.platinum.com.au/Insights-Tools/The-Journal/2023-Investor-Presentation