Ann: Funds Under Management - December 2021, page-134

Everything here sounded quite sensible.

The travel picks come across as intelligently forward looking, on the front foot as opposed to being on the back foot over the past few years. Likely not going to have hugely material effects on the entire portfolio however.

The re-rating of tech stocks and stocks in general with high P/Es and low cash flows is also a likely tailwind to their performance over the next twelve months.

I've said it before, I think the problem with this company hasn't been broad stock picking across the board but individual horrific decisions (too much cash at the wrong times, selling pre-recovery, underestimating monetary policy effects, China stocks).

Its extremely likely the set of circumstances benefits the company to mitigate the level of underperformance over the past 18 months. The more important question going forward is whether they can move from a few percent under to a few percent over. I don't think this company can sustain repeated years of even -2% below the index without material reductions in fees or losses of institutional clients. No more major mistakes and there needs to be some evidence in the next few years of picking more intelligently than the market.