Ann: Appendix 4D and HY19 Financial Report, page-10

When you say performance remains poor do you mean the absolute performance or the performance relative to the market?  Its hard to know but I would say if the market stays poor but the fund outperforms they will hold clients.

I also think running this amount of money, in this area of the market, its a much easier job to generate alpha than PTM.  MAM are competing with the Jims of the world that think the stock is bad when it goes down and good when it goes up.  Whereas PTM are competing in very efficient markets.

Yes MAM could get it really wrong but the payoff is fairly asymmetrical in my mind.  Don't forget if they get it right we get double the upside as well - 38% earnings yield from perf fees plus FUM flowing in the door plus base fee FUM up with the rise.  I dont think PTM has this upside.