The allocation of $10m into the small cap fund baffles me. Who...

The allocation of $10m into the small cap fund baffles me.
Who would have put money in that fund when it is performing, like the rest of the fund suite, well under benchmark?

The company is not profitable at current FUM without performance fees.

Australian fund performance particularly bad last month given the net exposure of 77.6%.

Wouldn't expect inflows.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7	Column 8	Column 9	Column 10	Column 11
0	Fund Name	APIR Code	As At Date	1 Mth	3 Mths	6 Mths	1 Yr	3 Yrs	5 Yrs	7 Yrs	10 Yrs
1	S&P/ASX 300 TR Index AUD	*Benchmark	31/08/2018	1.4	6	7.17	15.45	11.53	8.91	10.32	6.66
2	S&P/ASX All Ordinaries TR Index AUD	*Benchmark	31/08/2018	1.71	5.99	7.28	15.96	11.82	9.19	10.33	6.62
3	K2 Australian Absolute Return Fund	KAM0101AU	31/08/2018	-1.4	0.56	0.2	10.55	6.72	7.18	8.45	7.88
4
5	S&P/ASX Small Ordinaries TR Index AUD	*Benchmark	31/08/2018	2.49	2.53	6.75	22.32	16.9	9.19	5.31	3.12
6	K2 Australian Small Cap Fund (Hedge Fund)		31/08/2018	-0.81	-0.96	-1.34	3.33	-	-	-	-
7
8	MSCI AC Asia ex Japan NR Index AUD / MSCI AC Asia Pacific ex Japan NR Index AUD (prior to Oct 2017)	*Benchmark	31/08/2018	1.74	-0.58	0.21	12.5	11.97	11.63	11.89	8.03
9	K2 Asian Absolute Return Fund	KAM0100AU	31/08/2018	1.05	-4.68	-2.39	3.62	1.62	6.25	6.96	5.87
10
11	MSCI AC World TR Index AUD	*Benchmark	31/08/2018	3.65	8.16	10.41	22.82	11.72	14.95	16.95	9.18
12	K2 Select International Absolute Return Fund	ETL0046AU	31/08/2018	2.67	3.27	0.55	8.76	5.19	9.29	10.31	8.52
13	K2 Global High Alpha Fund		31/08/2018	0.5	1.7	-0.1	7.6	4.6	12.2	-	-