Ann: Funds Under Management - April 2024, page-25

I hold ptm and I see the listed funds, like pai, as a way to invest in the 'cycle turning' without the same risk as holding the management business. If PTM do well it will be because their approach has done well, which means pai will have done well. If the ptm approach is never successful again then there is the chance the funds like pai, will be wound up and then you get out at the nta. Which at present is significantly higher than the sp. NTA for pai is just under $1.04. You can buy them for 92c at present.

So I hold PTM and I hold PAI. IF ptm approach does well then both go well. If Ptm approach goes badly then at least I might eventually get the chance to get out at nta in PAI.

As I write the above it almost sounds a little bit tongue in cheek. So, I should add:
1. I feel as though I have a basic understanding of the approach to stock picking that is used to select companies for PAI to own.
2. Most of those holdings are very profitable household names in Asia, such as tencent. Many are a bit out of favour but still have sound business models. 3. The chief stock picker for PAI seems motivated, informed, smart enough and has a sort of finicky type ambition that I think I understand....

All in all the downside for those listed funds seems limited to me, with the added bonus of possible winding up at NTA. (which I don't want to happen, I'd prefer them to do well), but it's just another little perceived safety net for me. A pretty conservative approach overall but I do see the potential for significant upside and limited downside.