I agree Galba, this is interesting, and I took a small position...

I agree Galba, this is interesting, and I took a small position following the update.

Basically, CIW have the following in surplus assets:
$8m - Jasco
$6m - CAM
$5m - cash
$1m - intl fund
= $20m

So the $590m FUM is valued at $20m (3% of FUM) and should be generating about $3m FCF (15%) annually just from their recurring management fees (exclusive of any performance fees)

While I don't really rate Clime/CAM and their hardcore value philosophy, their funds should perform well in a more bearish environment, given their large cash holdings and their conservative approach

the tie up with John Abernethy/Alan Kohler / Eureka / SIV also opens up some interesting growth options for CIW