Ann: 1HFY22 Financial Highlights and Investor Presentation, page-18

I think the difference between the fund managers you listed above (and I also hold PDL) is that PNI is not a fund manager, rather a manager of fund managers ! I don’t believe it actually manages funds, but has partnership agreements with 14 other “partners” that do manage funds. And as far as I’m aware, those 14 partners have multiple funds on offer and are generally well regarded and have sound results. Unfortunately I am out of ready resources, otherwise at these prices, I would be buying with my ears pinned back, having bought PNI at far higher prices. Its scheme of arrangement and agreement with its partners is harmonious, efficient and almost unique. IMHO massively oversold, but of course the market is never wrong, and we will just have to wait for the catalyst to raise the SP. I remain a long term holder.
Irrespective, I agree with your assessment, that PDL and PNI are not alone in being oversold. It seems like the funds management sector has leprosy at the moment, despite probably being more conservative with their portfolios, having better research and be in a better and more informed position to recover recent losses.