ASMy understanding as an outsider is that the individual...

AS

My understanding as an outsider is that the individual schemes/funds are reasonably standalone in terms of investor base.

However for investments of the individual funds there would likely be investments across the funds in the same HF manager. It is the nature of their model to complete analysis on global HFs, when they find one that meets their criteria (risk, return, profile, strategy, etc) they then need to allocate capital to that manager.

Good HF managers restrict how much money they manage and typically minimum capital allocations apply so HFoF managers like EBB need to allocate sufficient funds to secure a mandate.

Spreading these mandates across multiple funds allows diversification of risk and is reasonably efficient relative to completing analysis and allocation for individual funds.

I think it is important to remember the history of EBB, initially Everest was set up to manage the wealth of the Reid & Ercowicz families. From there they expanded to manage funds for HNW individuals/families. The model revolves around capital preservation and an appropriate risk/return model. Not an aggressive FUM expansion program at any cost like other funds industry players.

To the extent that means EBB's share price remains subdued in the short term such is life, but I think SH will be rewarded in the long term, provided the strategy doesn't deviate too far from original model.

Disclosure: An EBB holder with an underwater position. But willing at this stage to ride it out. Don't disappoint Jeremy & Co.