When I first read the market cap range of 1% to 3% of funds, I was surprised it was that low. I would've gone with a much higher range.
But reading through the explanations, what stands out is this business is currently losing money and funds have just not been growing fast, so they are likely to lose more money in the future.
So I'm closer to your range than I was before, without anchoring bias.
Ann: Response to ASX Query re Appendix 4C, page-23
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