Agree with you, Plague.
I find that, one of the safest strategy in this sector may be to be long GQG and short PNI (also allow to have no active bet on a sector, which remains very volatile and dependant on the stock market trend).
Difficult to understand the gap of valuation between the 2 companies, in particular when you look at the trend for their FUM.
Of course, Pinnacle has an exposure to more asset classes and more strategies, but we can't say that it has protected them much during the last 2 years, while GQG continues to get regular net inflows.
We can also expect GQG to develop more strategies over time, as it was stated in their prospectus (and via their potential acquisition of PAC).
Ann: FUM as at 31 July 2023, page-6
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Last
$2.75 |
Change
-0.030(1.08%) |
Mkt cap ! $8.121B | |||
| Open | High | Low | Value | Volume |
| $2.80 | $2.80 | $2.74 | $3.973M | 1.442M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 13673 | $2.74 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.75 | 1124 | 1 |
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| Last trade - 16.10pm 20/06/2024 (20 minute delay) ? |
| GQG (ASX) Chart |