Buzzm, I am no expert (far from it) but maybe this is a commentary on how PCG faces competition from ETFs, with latter being 'flavour of the year' thus far?
But I agree: at face value, given its FUM performance, the SP performance may well be irrational. 'Mr Market' is a grumpy, overweight old gent with a walking stick for whom bad news necessitates an immediate severe correction, but reasonable or good news takes a while, if ever, to percolate through his addled brain.
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