Ann: Becoming a substantial holder, page-6

I've held significant funds with them over the over the last 4 years in pretty much all the fund types, including their VC fund. They did have a good period in the first 2 years as microcaps in general did well. I think they have lost an edge in recent years and their buy and hold strategy has not been as effective as other more dynamic fund managers. So I have been taking funds out over the last year. I prefer LICs now.

I fortunately did not participate in the MAM float. Last time I checked the SP had gone pretty south from IPO price. I would be watching their FUM in their reports as there maybe others like me who have been unsatisfied with their performance. They certainly will be down on the performance fees.