Due to the stapled structure, statutory accounts are incredibly...

Due to the stapled structure, statutory accounts are incredibly difficult decipher (impossible, actually), which is why management always present a P&L just for the management company (and even that pro forma P&L has a number of unique idiosyncrasies).

So I suspect some people just look at the headline figure and conclude, "Ugh, earnings went backwards", and sell their shares as a result. Because prima facie it does look like it belongs in the "too hard" basket.

But the market is now effectively valuing the company based only on the earnings from management fees alone, as if it will never again generate any performance fees.

I'm happy to take the opposing view (although I concede it hasn't served me well to date).

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