Ann: Net Tangible Asset Backing 30 November 2015, page-13

Well, the universe in the universe, they have to draw a line around something to hunt in. 15-35 stocks for PAF is basically considered to be a concentrated portfolio. Their benchmark index, the MSCI All Country Asia - ex Japan Total Net Return Index, has 611 companies in it. I prefer to see managers not go outside their stated universe as it means the process is not being adhered to. I don't mind what their universe is, as long as they stick to it.

Ellerston on the other hand are using the same index. So the question I would be asking if they do indeed hold a Japanese stock, is why if it is outside their benchmark universe? They can charge a performance fee based on the benchmark, it's poor form to be including off benchmark stocks. Personally and professionally, I have a negative view of this sort of behavior.