I don't think looking for a terminal level of FUM is the way to go - better to watch net flows, fund performance and reputation issues. Net flows will relate to reputation and performance at a certain fee level. I expect these guys will still be in business at one-quarter the level of FUM with a good reputation and good performance, but extremely bad fund performance, and a poor reputation will/would create a death spiral.
PTM still has a good reputation, and acceptable performance, but their blase attitude to investing in China/HK could be hitting them hard IMO.
IMO MFG's reputation is arguably terrible, and we need to see evidence that they can perform.
MFG Price at posting:
$12.85 Sentiment: Sell Disclosure: Held
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