GQG hires ex-Magellan BDM, page-5

Hi Lost, I read it in a research report (Ords or Taylor Collison). The income for pAC is on revenue share which is noted in the investor materials. I don’t think the equity comes into the equation. I always thought that is why there is a statement in the FUM announcement for investors to be cautious of simple extrapolation of FUM and earnings. In the March announcement it is highlighted separately.

On the valuation I would be cautious as I think GQG is truly a key man business and does not have retail like Magellan nor does it manage LIC or LITs like MFG. MFG now own aust equities through Airlie and also run a global infrastructure team. I would also say that a 5% position would not have the same market value due to its size and you have also need to discount for illiquidity (relative to MFG).

For what was invested by PAC still a great investment and incredible ROI.