Well written and analysed. The cost of doing business (half year...

Well written and analysed.

The cost of doing business (half year expense) is often based upon the total performance fees earned payed out through bonuses. I would think that this would become nil and expenses would reduce by a small amount.

It would be interesting to go the the AGM and openly discuss with the CEO ( also the major shareholder) what they plan to do regarding the constant outflows. They have already reduced their fees to keep funds but poor performance or rather good performance by index funds have dragged alot of funds away.

I think that they need another share market downturn just to get the index fund holders to move their funds back across but superior performance is required.

When if ever do you expect funds under management and performance fees to rise again?