anyone can explain, page-4

I dont necessarily see association with B&B as a negative, in fact quite the contrary. Trend line is not EBB specific either - look at HFA even ignoring the MFS debacle over the past 6 or so months.

Capital preservation which EBB has achieved at the fund/scheme level is commendable given markets, but this doesn't get the manager (ie EBB) paid performance fees, but certainly the management fees continue to roll in.

Again I just put it down to investor sentiment and the fear factor. In absence of corporate/merger activity or improvement in FUM outlook, I think we are set to stay around this level until sentiment changes.

Good thing is management are pretty good and have a fair bit of skin in the game, so they will be as keen to resolve as us shareholders!

Uri