"Investment performance" was minus $540m, of which $220m would be due to OPT. The other $320m would be due to the correction that began in the middle of February.
There will also be a substantial further hit to "investment performance" since the end of March, caused by further market declines in April, which I estimate would add another $300m or $400m to the lack of investment performance. Adding this to the figure to the end of March results in a total decrease in FUM up to today of about 12%.
The collapse in the SP is now over 55%, which is more than four times the decrease in FUM.
There is also the future outlook to consider, which determines performance fees. Some think that the future does not look good. On the other hand, USA markets have already shown that markets will take off if the tariffs look like getting sorted.
I am unable to rationalise the continuing fall in the SP, other than that markets can remain irrational longer than I can remain solvent. Or, to put it another way, Trump may be able to remain irrational even longer than markets can.
Watching the opening auction today, there were few sellers in the queue until just a few minutes before the open. The sellers probably wanted to give buyers the impression that the SP could potentially easily go to $2.50. Then the sellers jumped out of the bushes to spring an ambush.
I have reduced my holding because this ****** (expletive deleted) looks like it is going to zero.
RPL Price at posting:
$1.70 Sentiment: None Disclosure: Held
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