Well, Platinum’s numbers are no longer quite so catastrophic. 900bps of alpha in the 6 month numbers, helping to offset the terrible time they were having. The international fund is the main one.

For the most part, the short book (shorts on high valuation tech stocks) is doing the heavy lifting against a weaker long-only backdrop.

Still, overall, they are having a tough time of it, and the outflows continue. The stock is very cheap, but so to the entire sector, and stocks like Pendal come with less key man risk (not none, it is unclear how the market would take Crispin retiring) and less fee risk.

Platinum, like Magellan, continues to charge more than 1% in a world in which you have to outperform by a lot, and most of the time to charge something so significant.

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