Ann: Funds Under Management as at 31 March 2018, page-3

Have had a go at translating FUM into PAC ownership figures, PAC's share of the parts. Believe PAC should be reporting these figures too, not just the overall FUM. See following table:

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11	Column 12	Column 13	Column 14
0	Core Boutiques					Growth Boutiques					Other Boutiques		TOTAL
1		AETHER	Aperio	RARE	Seizert Capital		Blackcrane	ROC Partners	GQG	EAM		Other Boutiques
2	31/03/2018	$ 1,670,000,000.00	$ 31,900,000,000.00	$ 5,630,000,000.00	$ 3,960,000,000.00		$ 1,060,000,000.00	$ 5,840,000,000.00	$ 16,640,000,000.00	$ 1,240,000,000.00		$ 2,030,000,000.00	$ 69,970,000,000.00
3	PAC Ownership (%)	100.00%	23.30%	10.00%	100.00%		25.00%	17.60%	5.00%	18.75%		30%
4	PAC FUM	$ 1,670,000,000.00	$ 7,432,700,000.00	$ 563,000,000.00	$ 3,960,000,000.00		$ 265,000,000.00	$ 1,027,840,000.00	$ 832,000,000.00	$ 232,500,000.00		$ 609,000,000.00	$ 16,592,040,000.00	3.68%
5	31/12/2017	$ 1,540,000,000.00	$ 30,500,000,000.00	$ 5,850,000,000.00	$ 3,990,000,000.00		$ 1,040,000,000.00	$ 5,840,000,000.00	$ 13,700,000,000.00	$ 1,240,000,000.00		$ 1,920,000,000.00	$ 65,620,000,000.00
6	PAC FUM	$ 1,540,000,000.00	$ 7,106,500,000.00	$ 585,000,000.00	$ 3,990,000,000.00		$ 260,000,000.00	$ 1,027,840,000.00	$ 685,000,000.00	$ 232,500,000.00		$ 576,000,000.00	$ 16,002,840,000.00	7.56%
7	30/09/2017	$ 1,530,000,000.00	$ 27,330,000,000.00	$ 5,780,000,000.00	$ 3,910,000,000.00		$ 1,010,000,000.00	$ 5,190,000,000.00	$ 11,700,000,000.00	$ 1,140,000,000.00		$ 1,760,000,000.00	$ 59,350,000,000.00
8	PAC FUM	$ 1,530,000,000.00	$ 6,367,890,000.00	$ 578,000,000.00	$ 3,910,000,000.00		$ 252,500,000.00	$ 913,440,000.00	$ 585,000,000.00	$ 213,750,000.00		$ 528,000,000.00	$ 14,878,580,000.00	5.15%
9	30/06/2017	$ 1,570,000,000.00	$ 25,250,000,000.00	$ 5,350,000,000.00	$ 4,060,000,000.00		$ 940,000,000.00	$ 4,840,000,000.00	$ 7,810,000,000.00	$ 660,000,000.00		$ 1,670,000,000.00	$ 52,150,000,000.00
10	PAC FUM	$ 1,570,000,000.00	$ 5,883,250,000.00	$ 535,000,000.00	$ 4,060,000,000.00		$ 235,000,000.00	$ 851,840,000.00	$ 390,500,000.00	$ 123,750,000.00		$ 501,000,000.00	$ 14,150,340,000.00	4.25%
11	31/03/2017	$ 1,570,000,000.00	$ 22,790,000,000.00	$ 7,060,000,000.00	$ 4,140,000,000.00		$ 810,000,000.00	$ 4,770,000,000.00	$ 4,650,000,000.00	$ 590,000,000.00		$ 1,540,000,000.00	$ 47,920,000,000.00
12	PAC FUM	$ 1,570,000,000.00	$ 5,310,070,000.00	$ 706,000,000.00	$ 4,140,000,000.00		$ 202,500,000.00	$ 839,520,000.00	$ 232,500,000.00	$ 110,625,000.00		$ 462,000,000.00	$ 13,573,215,000.00	1.64%
13	31/12/2016	$ 1,660,000,000.00	$ 21,560,000,000.00	$ 7,290,000,000.00	$ 4,410,000,000.00		$ 540,000,000.00	$ 4,590,000,000.00	$ 1,050,000,000.00	$ 540,000,000.00		$ 1,450,000,000.00	$ 43,090,000,000.00
14	PAC FUM	$ 1,660,000,000.00	$ 5,023,480,000.00	$ 729,000,000.00	$ 4,410,000,000.00		$ 135,000,000.00	$ 807,840,000.00	$ 52,500,000.00	$ 101,250,000.00		$ 435,000,000.00	$ 13,354,070,000.00

Have excluded IML and Goodhart FUM.

Translated into PAC FUM, FUM has increased by 3.68%, not the reported 6.6% in overall FUM. PAC's share of GQG FUM is $832 Million. The overall figure is definitely distorted by GQG FUM growth.

While presenting the PAC FUM figure, 3.68% for the last quarter is still better than MFG, PTM, BTT (combined) and most others in the Australian Market (less than 1% growth).

Aperio is very impressive given the level of competition in the US Market. Aperio has a true competitive advantage and would be great if we could pick up another Core Boutique similar to this.

Best of Luck
Lost