Ann: 2023 Half-Year Financial Results Analyst Presentation, page-3

At first blush, the H1 financial performance of PTM was very respectable and certainly exceeded my back of envelope estimate.

FUM in H1 2023 actually increased although clearly fell well short of H12022 comps, as a result of the heavy bleed between Jan 22 -June 2022.

EPS above 6cps with a very large bank of Retained Earnings makes 7cps FF div very easy to cover and in my view maintain.

After the recent increase in SP of 25%+, I am not sure how much of this solid result is priced in, but I would not be surprised to see the market price rise further, once the result is digested by the market, and the potential increase in FUM and prospect of future performance fees is taken into consideration.

Having dug very very deep to buy heavily below $1.80 and reduce average cost to mid $2.20s, I would normally start to lighten and get some capital back. Decided a week or 2 ago to hold firm as PTM is in uptrend and this was reinforced by KN comments on the weekend that the business may be in play.

FUM could drift lower but could also recover further with new launches, shorts and major gains in PAI posted since 31.12.22.

With this change of heart, 7cps while we wait, seems pretty damn good to me.

2023 looks like an interest rebound year for a high conviction non-US centric fund manager. Ticks my boxes and hopefully that of many other long term holders who endured the depths of the 2022 share price rout.

GLTASH