Ann: Half Year 2018 Financial Report, page-15

Unfortunately this company has the backing of large passive investors and current managers have not been removed. The current situation can't last forever. Would be interested in thoughts on why current management haven't been shown the door.

Have been looking for answers on the price decline recently and can only find a deterioration in the RARE business of -6% return on FUM for the last month, see link here:
https://www.leggmason.com/en-us/products/mutual-funds/rare-global-infrastructure-value-fund.html

Legg Mason update the market monthly versus PAC's quarterly. Wonder if we can get some alignment for RARE since information is publicly available.

Would have also thought that an announcement would be close on the purchase of a new high growth Fund in the US. Hoping that PAC can demonstrate to market that current management is capable of handling the $100M in cash on balance sheet. I am starting to think that Laird Norton (part owner of Northern Lights) had thrown a couple of good businesses our way to keep us quiet until they exited the merged groups.

Best of Luck
Lost