Ann: Funds Under Management - December 2023, page-15

Yeah, well said. I find much of that hard to fault.

One small thing though - retail investor funds can be much more "sticky" than many consider, even when relative performance isn't great. The issue is that switching funds is a CGT event, and you get stung with a lot of tax, particularly if you have been in the funds a long time and have a low cost base.

I've got a few managed funds that I would love to switch manager on, but when you calculate the tax implications it makes it really really hard to justify based just on potential future outperformance.

That will likely mean we're not going to see a "rush" of money out the door at PTM, probably more like a slow drizzle out over time. Add that in with the company having no debt and there's really nothing forcing them to do anything in the short-term, so this could just drag on as status-quo for ages.