Company result

A challenged opening slide from PTM. FUM down, fees down, expenses up.


The shift away from active management continues, both in general, and to PTM specifically.

Admittedly, much of this is explainable through the underperformance of the flagship international fund. 10 years with negative alpha annualised. Equally, Value, as a style, as a strategy has been deeply out of favour for many years now, and this is not such a criticism.

The fees %’s outlined below are total (including performance fees) and the managers vary in how they table, so we try to go for the lowest common denominator (whatever gets combined b/w mgmt fees and investment fees).

PTM yearly numbers are now ~115bps (from the latest results deck) and shows that the fee pressure building.

Manager differences are mostly product dependant. You’ve got largely pure equity businesses in that graph, mixed in with diversified managers (e.g. fixed income) and advice businesses, even those differ (e.g. more wholesale vs general etc) as such the comparisons to make are mostly relative to their own history.

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This document is based on information available at the time of publishing, information which we believe is correct and any opinions, conclusions or forecasts are reasonably held or made as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness. To the extent permitted by law, neither Aequitas nor any of its affiliates accept liability to any person for loss or damage arising from the use of the information herein.

Please note that past performance is not a reliable indicator of future performance.

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