Ann: PTM turnaround program update, page-62

First 62 Last

Share
Profile

Follow
rosencrantz

2,772 Posts.

573

28/03/24

12:45

Post #: 73103034
Share

Originally posted by ipsofactoid: ↑

Kittyboomboom, I think you're right on the money regarding Kerr's style vs Andrew's. Kerr was always understated and statesmanlike in meetings. Andrew does come across arrogant and he genuinely gives off the air of not wanting to be there answering anyone's questions.

The loss of institutional mandates will continue. There are still plenty of old school retail master trust platforms out there (think AMP, CFS, IOOF etc) with their own mandate pools on their investment menus, and these gatekeepers can choose to replace the underlying managers whenever they please. Once upon a time (15+ years ago), it was essential to have Platinum on the menu (kind of like Magellan 10 years ago) and everyone stomached the high fees because of the manager's strong retail brand and demand from financial advisers. This has now flipped, and with the Platinum funds now in outflows and with poor 10 year performance numbers as well as high fees, these same gatekeepers would now be looking to either:
a) replace Platinum (by handing the underlying FUM inside their platform pool to a new manager), or
b) if they decide to keep Platinum on, they'd be very aggressively renegotiating the fee payable to Platinum (and perhaps pocketing the difference between the old fee and the new fee, which is easy money for them, but again, poor for Platinum).
Just like Magellan, Platinum are in a poor position to resist such moves.

The ongoing loss of FUM and/or loss of margin can be temporarily offset by cutting costs and hoping that there is a lot of lazy "sticky" retail money that will endure, but the staff changes/cost cutting measures will probably just give the retail research houses (who provide the fund recommendations to financial advisers) the cover they want/need to downgrade their ratings on Platinum funds further. Vicious cycle.

PTM sorely need a deep and prolonged bear market to generate some immediate and significant outperformance if they're going to have any chance of re-invigorating their brand and surviving as a standalone listed business in the medium to long term. I still think RPL would be the logical acquirer, as they are one of few managers who can still get away with high fees in this market, and have a track record of running a retail focussed global equity long short strategy over the long run (with better results, via PM Capital)

Expand

PTM sorely need a deep and prolonged bear market
thanks for the helpful insights ipso.
It's not a given that PTM funds will outperform in a bear market ..is it?
And seldom will the share price of a fund manager perform in a bear market ..agree?

PTM Price at posting: $1.09 Sentiment: None Disclosure: Not Held
2 Upvote

0 Great analysis

Reply

There are more pages in this discussion • 32 more messages in this thread...

First 62 Last

Add PTM (ASX) to my watchlist

(20min delay)
Last $1.05		Change -0.003(0.24%)		Mkt cap ! $611.2M

Open	High	Low	Value	Volume
$1.05	$1.06	$1.05	$460.8K	437.9K

Buyers (Bids)

No.	Vol.	Price($)
15	65737	$1.05

Sellers (Offers)

Price($)	Vol.	No.
$1.06	34042	37

View Market Depth

No.	Vol.	Price($)
15	65737	1.050
18	100723	1.045
17	81847	1.040
12	74361	1.035
12	230614	1.030

Price($)	Vol.	No.
1.055	34042	37
1.060	59114	20
1.065	109981	15
1.070	121171	21
1.075	151526	6

Last trade - 12.55pm 17/05/2024 (20 minute delay)


Last $1.05		Change -0.003 ( 0.65 %)
Open	High	Low	Volume
$1.05	$1.06	$1.05	139400
Last updated 13.12pm 17/05/2024 ?

PTM (ASX) Chart

Ann: PTM turnaround program update, page-62

Featured News

The home PC changed retail stores forever. Shekel Brainweigh can do it again

Pegmatites under glacial cover excite Cygnus in Quebec

Encounter pulls a rabbit out of the hat chasing copper at Sandover

Market Close: Green light launches ASX lift off as US inflation ebbs

Tambourah gets state govt grant for drilling at namesake gold project in WA

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: PTM turnaround program update, page-62

Featured News

Top Stories

The home PC changed retail stores forever. Shekel Brainweigh can do it again

Pegmatites under glacial cover excite Cygnus in Quebec

Encounter pulls a rabbit out of the hat chasing copper at Sandover

Market Close: Green light launches ASX lift off as US inflation ebbs

Tambourah gets state govt grant for drilling at namesake gold project in WA

Buyers (Bids)

Sellers (Offers)

Featured News