A rare 10 and 10, page-11

I am not disputing your view, that's fine. Neither am I disputing your facts. Indeed many stocks are down. But it is a 25% slump vs ~7% ion the ASX 200.

That aside, you are looking in the rear view mirror. Not a terribly useful tactic going forward. Fund managers are growth businesses. They need to grow FUM to survive longer term. K2 are finding this difficult. It becomes a negative feedback loop. Typically these businesses that cannot grow FUM do not survive over the longer term. I am not disputing recent results. But that is in the past. I am talking about their future.