It is all about the earnings and transparency. PAC will have the earnings come through over the next 6 to 18 months. But transparency is difficult due to being a fund of fund managers with a raft of different arrangements (not just % interest but also revenue) - to be fair, they are better and improving.
I own a basket of fund managers with market caps to funds under management ranging from 1% to 6%. PAC is around the middle on a look-through FUM basis.
VGI/Regal tie up is a crazy market capitalisation to funds under management, but I wouldn't be surprised if they deliver the earnings to support the craziness. PAC can't deliver the types of performance fees that VGI/Regal can/have because they prefer stability over one-off lumpiness of performance fees.
PAC Price at posting:
$7.36 Sentiment: None Disclosure: Held
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