Ann: Funds Under Management - June, page-6

Performance was very solid over the month and over the quarter, however I expect market will focus on FUM, as it has a pre-occupation to do.

PTM has now outperformed MSCI over both 1 and 2 year time horizons. -5.9 v -8.0 and 9.0 v 8.4 respectively.

The performance gap over 3 years is now 4.4% v 6.9% and closing fast with 43.8% of the fund in cash/shorts at 30th June, 2022. Like watching grass grow, they can only close the gap one quarter at a time and they have done that now consistently.

"Eventually, the penny drops for both markets and investors". That is an expression I recall Kerr uttering many times at his briefings over the 25 odd years of his tenure. Not much has changed really.

As a substantial investor in both PIF and PTM, I do not worry about the management of my money, only the cyclically irrational response of others that cause my investments short term harm.

GLTA (faithful)SH