Fund managers, page-219

yes it looks mispriced. disclosure: i own some.
although it has been mispriced for some time now, and the soft post IPO GQG trading has not been helpful in driving a re rating of PAC. the quality of PAC is not quite as good as a pinnacle, and i think PAC has had some problematic boutiques in the past. if you think they ever take writedowns then less confidence in book value.

@lost knows this business in detail and will have more to say. i think the big question is with mispricing so obvious why isnt the stock moving higher and what will be the catalyst?