Ann: Funds Under Management - April 2023, page-122

I agree re-pushing Bianca under the bus as far as the buck stops with Andrew as the leader.
Andrew bears responsibility for the performance as a whole, he is very intelligent and I think an appropriate replacement for Kerr, it's unfair to compare the two though as Kerr is more seasoned and learned in the case of being a manager and leader.

The focus on China IMO will pay off as long as they continue to make good capital allocation decisions, their funds are pretty good overall, one thing I believe they don't get enough credit for is that they get these returns whilst also being well hedged to maintain a return even if a sudden drop in the markets occurs.
When the market turns down seriously it happens so quickly there's generally no time to respond rapidly if you're managing large amounts of capital, you can't just say "sell everything" or "buy everything" even if that's what the conditions are screaming, positions and allocations must be scaled into over time, there's no choice in that when managing large portions of capital.

I would like to see Andrew develop a less condescending/ arrogant approach to being a leader both in the business internally and representative of the business externally, these traits are incredibly important when you are relying on image and performance to drive adoption of their funds, otherwise you have to revert to advertising, which I would argue if you don't have those traits as a leader may just make people even less likely to invest.

Kerr has an excellent presentation and rapport with people, he commands respect and more importantly trust when he speaks, I think Andrew has many of the same intellectual traits and given time will develop similar respect, trust and rapport with people.

I've been very disappointed with the share price also, however looking at the performance of the underlying funds it does confuse me why they don't attract more capital, when the "China China China" bashing brigade slows down and people pay attention to the opportunities they are missing there this will turn.

I'm patient and the dividends dull the pain