we knew next to no outperforance fees were coming but the fee growth and the fum growth is exceptional and seems to still be strong in July
underperformance of the major fund is a bit of a concern, but it being conservative may be attractive to investors as the outlook becomes less bullish
their high conviction fund didnt do that well either, though only a small fund to date - but i would imagine it would be pretty heavy in microsoft which seems to be doing very well
Ann: Appendix 4E, Annual Report and Financial Statements, page-3
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