These two managers operate very different strategies each with its unique high conviction capacity to both outperform AND fail.
They are incompatible with each other and in my view PTM long/short strategy has capacity to outstrip index returns by a long long way over the next 2-3 years. Right now. I expect markets are squarely falling into the lap of the PTM strategy and they know it. Like PTM I expect 2023 to be a long slow grind downwards, scattered by intermittent periods of euphoria and the allure of a FED pivot, that may not actually come to save the US market.
MFG will need as overseas buy out and is likely to remain a hostage to the direction of markets with limited capacity to outperform. I see MFG value in the stemming of FUM outflow, significant cost outs and the increasing capacity of Barrenjoey to contribute meaningful uncorrelated profits to the corporate group.
GLTASH
PTM Price at posting:
$1.93 Sentiment: Buy Disclosure: Held
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