Inflection Point?, page-144

many of their funds are also 20%+ cash (either through holding cash or through long/shorts).
Market declining, and they are traditional value investor, implies over time through this period they should 'outperform' even if that means their funds loose 'less'.

My concern with PTM, their 'sales' department do not seem too active, don't seem to acquire much in the way of new funds.
Maybe that could be because the founder is aging. Or maybe its because real value investing has been such an underperformer from around 2013- 2021. Also could be that alot more focus has been placed on Asia over the last few decades. His time was the 90's from memory, and that's a long time ago.

Seems as well that alot of the funds under management could well be with retired people in some form of pension release, so we see consistent 'withdrawals'. (This would correlate with my above statement about the popularity of the founder and the timing of placement of funds).

Lol who knows, so as part of a diversified portfolio I hold a position, given price paid and value received seem to stack.