I suppose what I’m getting at is if they have a sound investment process and that is what you have identified, why would chose to expose yourself to the business rather than its processes?
The funds could continue to outperform the businesses share price, and thus you have identified the correct competitive advantage. I can see how you would link this to fund flow, but isn’t this kind of peripheral to your thesis?
Ann: Funds Under Management - October 2022, page-29
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