Their fee is not the issue, it's the sustained under...

Their fee is not the issue, it's the sustained under performance. LSF (L1 Capital Long Short) charges a comparable fee and I doubt they have any issue with fund flows as their performance is excellence net of their fees. In essence, Platinum's active decison making has proven to add no value (for a sustained period) and you are charged an awful lot for the pleasure.

If Platinum halved their fees, there is still no rationale to invest given the size of the under-performance. Quite simply, there are fund managers that have demonstrated a substantially superior process who offer their funds at near half the price.

I'm not saying these things to be nasty to holders. These drops are gut-wrenching for holders. However, as someone who has significant insight into this sector of the market, it's important to be pragmatic and not simply hope for a rebound in sentiment / performance.