Ann: May 2018 Shareholder Presentation, page-5

And BKI like to expand that market cap by issuing new shares at a discount to anyone for "interesting" reasons.


BKI describe themselves as "active" but their returns and holdings often show little deviation from benchmark. Any minor active decision making they make seems to lead to underperformance. Sure BKI have cheap fees but sometimes in life you get what you pay for.