Ann: Net Tangible Asset Backing 31st December 2015, page-12

Hi Occam Logic, I read the other post of yours saying "KAM will continue to find it very difficult to grow FUM. They are a minnow in the investment management arena and find it very difficult to go up against more established players. Adding to this issue if the fact that their management and performance fee structures are highly uncompetitive compared to peer products. "

Total portfolio market value as at 30 June 2015
PBS, = $381M
MFF, = $918M
KAM,= $852M

I am not here to challenge your opinion or sth.
Just simply and humbly want to know why you think KAM is minnow in the arena but think PBS which has a smaller portfolio can grow its FUM more effectively in mid-long term (as I see your sentiment on this LIC is a Buy which should suggest you think its fum is a better future to grow)?

Also how does Paual and Moore's way look more concentrated or effective (top 5 holdings is around 25%)? As I see MFF's investing method (top 5 holdings is around 50.9%) is also basically adopting a long-term view as well by betting on those quality business with higher probability to grow.

Much appreciated if you can give some comments.