Short term news are quite bad for PNI : - their leading affiliate (Hyperion) affected by the sudden decrease of US tech large caps, - and now Metrics, into trouble, because of the questions related to private credit. Hyperion and Metrics were probably major profit drivers in the short term. So, no surprise that the stock decreased by 24 % in 1 month (vs - 5 % only for GQG during the same period. However, PNI has still a much better performance on 6 months : + 4.5 % vs -18.5 % for GQG (probably affected during that period by the troubles of its Indian investments).
I still do not get why there is such a valuation gap between PNI and GQG. Of course, PNI has many more strategies, but it has not proven that it gives them more stable profit (still strongly depend on a couple of affiliates). At the same time, GQG has rapidly recovered from its short term problems and is again showing steady net inflows.
