Hi @Chrislechat
All thoughts on PAC FUM above exclude GQG holdings in equity markets. I have assumed by sell down you mean equity markets.
GQG earnings are solid but may not grow the 30% they have been the past few years.
The other Boutiques impacted by market sell off are EAM and Blackcrane. VPC has about $AUD300M of $AUD7B exposed to equity markets through VSL:LSE.
Carlisle will start to improve as interest rates start to increase, they invest a fair bit of FUM in bonds.
All others will be impacted by their respective markets of US Property market, Rural, Commodities and Commodity Trading/Distribution.
My whole premise in investing in PAC is that FUM mostly won’t be impacted by equity markets and grows solidly over time. Over the past few years this has strengthened with acquisitions Proterra, Carlisle and Banner Oaks. VPC is growing strongly now, justifying the initial investment price.
Best of Luck
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