I am sorry guys, I sold out of this stock last year at $6.40....

I am sorry guys, I sold out of this stock last year at $6.40. Had been a holder since beginning of Treasury Group, so I understand pain and loss.

I had enough last year of management and lack of progress and clarity from management and decided to put my money elsewhere. There seems to always be another disappointment with this stock.

In my view the PAC business has too many moving parts and its success gets down to timing the entry and exit of holdings, which is hard to do. GQG is a good story but they own such a small part of it! They don't seem to focus much on buying and growing a business any more, to benefit from div growth, like TRG did back in the IML and RARE days. I don't think they manage currency at all, and with such a large % of earnings in USD this is a big risk. They don't have an AUD investor lens on the portfolio.

It trades on a low multiple due to management opaqueness and not having delivered consistent earnings and div growth. Market does not trust this company to put shareholders first.

I hope I am wrong for your sakes.

Best Regards.