Read some previous posts on outperformance. A few members have...

Read some previous posts on outperformance. A few members have done the calculations, using share price plus dividends reinvested versus the ASX. It outperformed, only just, by 1 percent. The company claims they have outperformed by more than that, but unsure what calculations they used.

So yes, the share price hasn't been going anywhere fast since the GFC, but they have paid out a massive amount in dividends.

In term of profit reserves, you'd have to read the report. Last F/Y they just broke even, after a shocking June 2015. But the previous year, they earnt 20 cents per share, enough for 3 years of dividends!

Yep, there is risk if the market stays sour, as with any Funds Management Business, that earnings will fall again, but its cheap cheap, risk priced in IMO.