@SP007
I have several problems with Pac :
1/ Fidelity keeps selling and it may take some time before they finish selling, given the low liquidity of PAC,
2/ I really don't understand why Pac is not doing a share buyback; I was not not really satisfied by the answer of the management when I asked them,
3/ I never took the time to look into detail at their other businesses (which I find quite complicated), not sure I like the fact they prefer to reinvest the cash (from the 1 % sold in GQG) in the other businesses.
Honestly, I prefer to focus on GQG, which looks a better option to me.
Because I have a much better visibility on this business and it looks to me quite cheap for a fund manager with a growth profile.
Anyway, if GQG is as successful as expected, it should be reflected in PAC valuation at some stage.
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