Pennant International (LON: PEN) has announced a partnership with Siemens for the distribution of the GenS module of the Auxilium software suite. This help to reassure potential clients of the quality of the software and provides a route to new customers. There are also distribution agreement in South Korea and Japan. These are non-exclusive agreements. The share price increased 13.5% to 29.5p.
Orosur Mining Inc (LON: OMI) is starting mineral resource estimate drilling at the Pepas prospect within the Anza gold project area in Colombia. This area may offer near term production opportunities. The share price rose 11.8% to 8.55p.
Ariana Resources (LON: AAU) expects the Tavsan mine to reach operational status by late July. There is a year of full ore production stockpiled. The share price moved up 10.2% to 1.625p.
Eco Animal Health (LON: EAH) reported a drop in full year revenue from £89.4m to £79.6m, but non-core disposals helped pre-tax profit improve by one-third to £4m. Net cash was £25m at the end of March 2025. North America was the only region where sales increased. The share price is 9.65% higher at 62.5p.
Eco Buildings Group (LON: ECOB) has secured an offer of litigation funding for the €195m arbitration proceedings by subsidiary Fox Marble against the Republic of Kosovo. Atticus Litigation Financing is a new fund launching in August. The share price recovered 8.82% to 3.7p.
FALLERS
Alba Mineral Resources (LON: ALBA) is acquiring a majority stake in Motzfeldt critical metals project in south Greenland. Motzfeldt is a niobium tantalum zirconium rare earth project, and it has very large deposit status. The inferred resource is 340Mt, containing 41,000t of tantalum, 629,000t of niobium, 1.56Mt of zirconium and 884,000t of total rare earth oxides. The 51% stake will cost £30,000 in cash and £945,000 of shares at 0.02414p each. A placing has raised £550,000 at 0.017p/share. The share price deceased 11.4% to 0.0195p.
Primorus Investments (LON: PRIM) has been accused of beaching the lock-in agreement by selling shares in Pri0r1ty Intelligence (LON: PR1). The lock-in period lasts until 30 December 2025. In June, Primorus Investments sold its 8.05% stake raising £977,000. The Primorus Investments share price declined 7.23% to 3.85p. The Pri0r1ty Intelligence share price improved 5.56% to 4.75p.
Vast Resources (LON: VAST) is still working on cleaning and sorting the recently received package of diamonds to get them ready for tendering. The share price dipped 7.04% to 0.33p.
Investment company Tern (LON: TERN) has launched an underwritten one-for-nine open offer to raise £642,000 at 1p/share. The closing date is 28 July. This will cover overheads and the costs of being on AIM. The share price slipped 4.98% to 1.05p.
The FTSE 100 was the only major European equity index to rise on Monday amid a heavy sell-off following Trump’s targeting of the EU with 30% tariffs.
London’s index was 0.2% higher at the time of writing, while the German DAX slid 0.8% and the French CAC lost 0.6%.
Although most European equity indices were trading negatively on Monday, the losses were minor compared to the fallout after Trump’s initial tariff announcements. Many European equity indices are also trading very close to record highs and were due a bout of profit taking.
“A fresh tariff war of words erupted over the weekend and it’s blown a cloud of pessimism over European markets but London’s FTSE 100 remains resilient,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.
“Investors are lurching from hopes that Trump’s threats are just a big negotiating tactic, to fears that his impatience will turn more vengeful and big hikes will come into force in August. He has vowed to slap 30% tariffs on the EU and it’s sending a wave of apprehension through the DAX and the CAC 40.”
Streeter continued to explain that volatility could pick up if there is any weight to reports of a coalition of tariff-hit economies to hit back at the US.
“There is speculation that a coalition of defiance could be forming, with nations facing the most onerous tariffs threats, ganging up against the US, which could intensify the trade turmoil.”
London’s weighting towards defensive sectors and miners helped the index outperform on Monday. The UK’s seemingly ‘safe’ trade deal with the US will also play a part in investor thinking.
“Unlike their counterparts across the Channel, British companies should be able to operate with greater certainty around trade, and exports may be diverted through the UK. This might act as a push for foreign companies to invest in manufacturing and logistics facilities in the UK,” said AJ Bell investment analyst Dan Coatsworth.
Most FTSE 100 shares were down at the time of writing, with 60 of the 100 constituents trading in the red at the time of writing.
However, the FTSE 100’s mining sector came to the rescue on Monday and helped offset losses elsewhere in the index. Precious metals miner Fresnillo rose nearly 3% and was the top riser. Antofagasta, Glencore, and Rio Tinto were also higher.
A 2% gain for AstraZeneca added a significant number of points to the index and played a part in London’s rally. AstraZeneca is London’s largest company by market cap.
WPP was again among the losers as investors continued to dump the stock after a profit warning last week.
Introduction – has the market stopped caring about value?
The very essence of value investing is the search for securities which are incorrectly priced – where the market price is trading at a substantial discount to the intrinsic value of the underlying business. Sometimes this happens because investors are prone to behavioural biases such as extrapolation, herding and risk aversion, which can lead them to make emotional decisions, such as selling a cyclical stock at the low point of the economic cycle, unable to see how things will ever improve.
Mispricing can also occur when investors are forced – or choose – to invest in a ‘valuation agnostic’ way, without incorporating any fundamental analysis into their decision-making process. For example, UK pension funds have reduced their exposure to UK equities from above 50% in 2000 to around 3% today1, despite the UK equity market appearing to be one of the lowest valued in the world. This shift was largely driven by regulation, so the low valuation of UK equities was completely irrelevant (as was the low yield and high valuation of the fixed income securities they were buying).
For investors like us, who use valuation as a cornerstone of their process, this behaviour is welcome. When investors buy or sell indiscriminately, they push share prices further away from intrinsic value, creating opportunities to purchase significantly undervalued securities.
In this article, we explore how the rise in valuation-agnostic investing is influencing the opportunity set for those investors like us, who remain focused on fundamentals. We consider how the growth of passive investing, fast-trading hedge funds and retail speculation have increased the number of stocks trading far from their long-term value.
The rise of passive investing
Passive investing has grown very significantly over the last twenty years and now accounts for almost half of all equity invested in mutual funds and exchange-traded funds (ETFs) globally2. Some of the largest index-tracking vehicles are now very big indeed, with the SPDR S&P 500 ETF Trust, iShares Core S&P 500 ETF and Vanguard 500 Index Fund each holding more than $500 billion in assets3.
As the share of market participants who care about fundamentals shrinks and is replaced by those who are indifferent to valuation, it must inevitably lead to mispricing. Mike Green of Simplify Asset Management sums it up as follows:
“Passive is really just the world’s simplest algorithm. Investors who analyse a company’s prospects and attempt to value businesses have been replaced by machines that are simply saying, ‘Did you give me cash? If so, then buy. Did you ask for cash? If so, then sell’.”4
When those with no interest in valuation crowd out investors focused on what a stock is worth, the market’s price discovery mechanism begins to break down. The extent to which this is happening is visible in the chart below, highlighting the huge disparity in funds flowing into passive strategies compared to active strategies. Active managers, particularly those with a value-driven approach, are typically underweight expensive mega caps and overweight smaller, cheaper stocks5. As assets move from active to passive, these undervalued stocks are sold and the proceeds are increasingly allocated to larger more expensive stocks.
Passive has, in essence, become a giant momentum strategy – rewarding size and valuation indifference. The result is a self-reinforcing cycle where a handful of very large companies have come to dominate the index, regardless of fundamentals.
The growing influence of pod shops
‘Pod shops’ are hedge fund platforms that allocate capital to many independent portfolio managers, or ‘pods’, each running their own strategies, often with a sector or event-driven focus. The parent fund encourages its pods to focus on relative differences between stocks – buying one stock while shorting another (betting that its share price will fall) – rather than taking big bets on where the overall market is heading. This ‘market neutrality’ means they can apply leverage across the strategies while keeping risks tightly controlled. The structure aims to deliver consistent, low volatility returns – a key draw for institutional investors.
The incentive structure within pod shops is built around short-term, risk-adjusted performance. Portfolio manager compensation is closely tied to recent results and many pod shops even penalise managers for holding positions beyond a set period – often just 30 days. This encourages rapid turnover and a focus on near-term catalysts such as earnings releases, guidance updates or analyst revisions.
The scale of pod shops is significant. The two largest firms, Citadel and Millennium, manage $65 billion and $73 billion, respectively6. Their collective headcount has tripled since 20157, and their influence extends far beyond their assets due to high turnover and gearing. Gross leverage across multi-strategy funds has risen from 4x a decade ago to 12x today8. As a result, it is estimated that pod shops now account for more than 30% of US equity trading volume9.
This concentration of capital and trading activity makes them highly influential in determining short-term share price moves. Their activity is particularly visible around earnings season, where the reaction to results has become faster and more extreme. Positive surprises can trigger sharp rallies as the pods pile in, while disappointments often spark steep falls as they race to exit or take short positions.
The effect is particularly pronounced in the most liquid, widely followed stocks where pod shop activity is most concentrated. But, more broadly, the result is a market increasingly shaped by short-term flows and rapid reaction, rather than long-term fundamentals – further contributing to the mispricing of securities.
Retail day traders
Meanwhile, the proliferation of retail day trading, fuelled by platforms like Robinhood and Reddit’s WallStreetBets community, has reshaped market behaviour in ways that extend far beyond previous cycles of rising individual investor participation.
Since 2020, retail trading volumes have grown dramatically. In 2021, retail investors accounted for 25% of total US equity trading volume, nearly double the share reported a decade prior10.
Several factors have contributed to this shift: easier access via commission-free apps, heightened market volatility during the pandemic, the influence of social media and government stimulus cheques that gave many individuals the means – and the motivation – to speculate.
The impact has, at times, been extraordinary, as best illustrated by the trading in GameStop in January 2021, which saw the stock swing wildly within hours – rising 82%, falling 77%, then jumping 150% – as coordinated retail buying overwhelmed institutional players.
How this creates opportunity
We believe the growth of passive investment strategies has driven the valuations of the largest stocks in the most popular markets – those receiving a disproportionate share of passive flows – significantly above their intrinsic value. Conversely, they are driving the valuations of many other stocks being sold down by active managers significantly below their intrinsic value.
The momentum-driven, valuation-agnostic approach of pod shops only reinforces this, as does the activity of retail day traders. The focus of all three groups is often on the same narrow set of stocks.
For disciplined, long-term investors, this can be frustrating – but it is also the source of opportunity. When share prices are driven further below the underlying value of the business, the potential for future returns increases.
What this means for Temple Bar
Whilst it is possible to view passive flows as an unstoppable steamroller, flattening anything that tries to get in its way, we believe this is a finite process. At some level of undervaluation, entire companies are bid for by competitors or private equity firms. Others use their low valuation to create enormous value by buying back their own shares. And eventually, the upper hand returns to the surviving stock pickers, and money flows out of passive and back to active.
Perhaps that point has already been reached. The recent increase in takeovers and share buybacks suggests that, in the UK at least, we may have reached the lower limit on valuations – and others appear to be stepping in to take advantage of the value on offer.
As far as Temple Bar is concerned, our approach is rooted in long-term fundamentals and a disciplined focus on valuation. Market dislocations of any sort can help widen the opportunity set for investors like us. If we are now entering a period where valuation starts to matter more, that should prove a favourable environment for our strategy.
Conclusion: why value still matters
The growing influence of valuation-agnostic investors presents both challenges and opportunities for fundamentally driven investors. A key challenge is that, for periods of time, valuation may be ignored. Share prices can move significantly on short-term momentum or flows, while robust undervalued businesses are overlooked. This can be frustrating for disciplined, long-term investors. But it also creates opportunity. If fundamentals are being sidelined, the number and scale of pricing anomalies should increase, offering more chances to buy good businesses well below their intrinsic worth.
Although fund flows still appear to favour passive strategies, there is strong evidence that fundamentals are reasserting themselves in markets. The valuation gap between value and growth stocks, which had reached historic extremes, has started to narrow. Outside the US, value has been outperforming growth consistently. Even in the US, there have been periods this year when value has shown clear relative strength. As far as the UK stock market is concerned, the recent uptick in takeovers and share buybacks also suggests that others are beginning to take advantage of the abundant value on offer.
For Temple Bar, this environment is encouraging. We continue to focus on fundamentals and valuation – and we believe that, as the market continues to rediscover the importance of value, our approach is well placed to benefit.
Past performance is not a guide to the future. The price of investments and the income from them may fall as well as rise and investors may not get back the full amount invested. Forecasts and estimates are based upon subjective assumptions about circumstances and events that may not yet have taken place and may never do so.
No investment strategy or risk management technique can guarantee returns or eliminate risks in any market environment. Nothing in this document should be construed as advice and is therefore not a recommendation to buy or sell shares. Information contained in this document should not be viewed as indicative of future results. The value of investments can go down as well as up.
This article is issued by RWC Asset Management LLP (Redwheel), in its capacity as the appointed portfolio manager to the Temple Bar Investment Trust Plc. Redwheel, is authorised and regulated by the UK Financial Conduct Authority and the US Securities and Exchange Commission.
The statements and opinions expressed in this article are those of the author as of the date of publication.
Redwheel may act as investment manager or adviser, or otherwise provide services, to more than one product pursuing a similar investment strategy or focus to the product detailed in this document. Redwheel seeks to minimise any conflicts of interest, and endeavours to act at all times in accordance with its legal and regulatory obligations as well as its own policies and codes of conduct.
This document is directed only at professional, institutional, wholesale or qualified investors. The services provided by Redwheel are available only to such persons. It is not intended for distribution to and should not be relied on by any person who would qualify as a retail or individual investor in any jurisdiction or for distribution to, or use by, any person or entity in any jurisdiction where such distribution or use would be contrary to local law or regulation.
The information contained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer, recommendation or solicitation to buy or sell shares in any fund, security, commodity, financial instrument or derivative linked to, or otherwise included in a portfolio managed or advised by Redwheel; or (iv) an offer to enter into any other transaction whatsoever (each a Transaction). No representations and/or warranties are made that the information contained herein is either up to date and/or accurate and is not intended to be used or relied upon by any counterparty, investor or any other third party. Redwheel bears no responsibility for your investment research and/or investment decisions and you should consult your own lawyer, accountant, tax adviser or other professional adviser before entering into any Transaction.
In early April last year, I featured the investment attractions of Premier Foods (LON:PFD) with its shares then trading at around 147p, noting the possibility of a bid for the group at 180p or thereabouts.
Three months later, ahead of the group holding its AGM to approve the 2024 Report & Accounts, as well as announcing its First Quarter Trading Update on the same day, the shares were up to 166p, having touched 180.20p within those intervening three months, but I then noted that its shares were underrated and could so easily break up over the 200p level.
Now, one year later and...
Bitcoin smashed through $120,000 on Monday to trade at a fresh record high as traders geared up for ‘crypto week’ in the US amid inflows into Bitcoin ETF.
Congress will debate the future of cryptocurrency and its integration into mainstream finance this week. The GENIUS act could see the formation of a framework for pegging stable coins, while the CLARITY act seeks to lay down a regulatory framework with bodies such as the SEC.
The debates in Congress take place against a backdrop of heavy support for crypto from the US President, whose family have profited in a big way from various coins since he won his second term.
“Bitcoin extended its advance on Monday, breaking above the USD 122,500 mark as optimism surrounding regulatory developments in Washington and sustained institutional inflows continued to underpin sentiment,” said Kudotrade’s Konstantinos Chrysikos.
“The move coincides with the start of “Crypto Week” in the U.S. House of Representatives, where lawmakers are set to debate a trio of bills, the GENIUS Act, CLARITY Act, and Anti-CBDC Surveillance State Act seen by market participants as a foundational step toward comprehensive digital asset regulation.”
Konstantinos continued to outline key purchases of Bitcoin that were supported by prices, including inflows into US Bitcoin ETFs.
“Investor appetite has also been amplified by fresh corporate interest. Tokyo-listed Metaplanet Inc. disclosed the purchase of 797 Bitcoin, lifting its reserves to over 16,000 and indicating a continued shift toward corporate treasury adoption of digital assets. Meanwhile, spot Bitcoin ETFs in the U.S. have registered important inflows, exceeding USD 1 billion two days in a row. However, the surge in price could expose the market to price corrections if traders move to take profits. Otherwise, a continued bullish sentiment could drive the asset to new highs.”
Georgina Energy’s subsidiary Westmarket Oil & Gas has received preliminary approval for its Well Management Plan at the Hussar site from Western Australia’s Department of Mines, Petroleum and Exploration.
However, the London-listed company cannot begin site preparation or drilling until it secures final approval for expanded environmental management plans under state regulations.
The environmental hurdle represents the remaining barrier before drilling can commence at the Hussar-2 well.
Once environmental approval is granted, Georgina Energy will repair the Hussar airstrip and access roads, construct drilling and camp facilities, and install water wells ahead of operations.
“Georgina’s operations team has worked on all the required obligations for the Hussar drilling permit approval in cooperation with the indigenous community representatives,” said Anthony Hamilton, Chief Executive Officer of Georgina Energy. “We await approval for our extended environmental plan, and look forward to receiving the final drilling approval once all obligations and approvals have been obtained.”
Georgina Energy shares were flat at the time of writing.
The company completed a reverse takeover in 2024, raising £5m at 12.5p during the height of London’s helium hysteria. Georgina Energy shares are down 50% to 6.6p since the reverse takeover was completed.
Filtronic plc, the RF solutions designer and manufacturer, has won a £13.4m contract to supply high-performance modules for an electronic sensor system to a defence prime contractor.
Today’s deal is the latest in a string of high-value contract wins by Filtronic, which have helped push the stock to all-time highs this year.
Filtronic shares were 3% higher at the time of writing.
The contract’s delivery is scheduled to begin in mid-2026, with production taking place at Filtronic’s secure automated hybrid microelectronics facility in Sedgefield, County Durham.
“We are proud to continue strengthening our defence portfolio, which highlights the market’s ongoing confidence in our ability to execute complex programmes to the highest standards,” said Nat Edington, Chief Executive Officer.
“Aerospace and defence remains a key sector in our growth strategy, and this latest order reflects Filtronic’s proven track record of successful project delivery, collaborative partnerships, and manufacturing excellence.”
Premier African Minerals (LON: PREM) says that the Zulu lithium plant was restarted on 6 July and optimisation of the processing will happen in the coming weeks. The share price rebounded 103% to 0.0245p.
Futura Medical (LON: FUM) is replacing James Bader as chief executive after disappointing sales o of its main erectile dysfunction product Eroxon. Jeff Needham is also leaving the board. Alex Duggan will become interim chief executive. The share price recovered 51% to 11.85p.
Conroy Gold and Natural Resources (LON: CGNR) has discovered anomalies along the Skullmartin gold trend. This trend is more than 30km long. The share price I 50% higher at 6.75p.
David Johns-Powell has increased his stake in Haydale Graphene (LON: HAYD) from 3.49% to 4.52%. The original stake was revealed last November. The share price improved 38.5% to 0.9p.
FALLERS
Petro Matad (LON: MATD) has raised £2.84m at 0.8p/share – more than expected – and could raise a further £500,000 from a retail offer. The cash will be invested in lower cost power generation. The share price dipped 38.1% to 0.82p.
Water and energy efficiency technology services provide Eneraqua Technologies (LON: ETP) says revenues will be lower than expected for the year to January 2025, but pre-tax profit will be in line with forecasts. Revenues of £81m were forecast but the outcome is going to be £63m. A £7m project substantially completed last year is recognised as accrued revenues. There have been delays in the receipt of payments and further deferral of projects in the current year. This has led to the requirement for additional funding. The disposal of a non-core business should raise £1m. Subsidiary Cenergist has been placed in administration due to an adverse adjudication. Trading in the shares has been suspended because of the financial uncertainty, but prior to that the share price slumped 34.5% to 19p.
Active Energy Group (LON: AEG) has closed a substantially oversubscribed placing raising £346,180. The biomass-based renewable energy technology developer will use the cash for working capital. The company is evaluating a digital assets strategy for its treasury management. A proportion of the fundraising is likely to be invested in Bitcoin and other digital assets. The share price fell 30% to 0.21p.
IT training company Northcoders (LON: CODE) warns that there is limited visibility on government funding of regional training. Some regions have not even launched tenders for the training. Northcoders has a good reputation but cannot guarantee how much business it will win. This makes revenues unpredictable for the full year and Zeus has withdrawn its forecasts. Fixed costs are being reduced. The share price slipped 27.7% to 36.5p.
Wishbone Gold (LON: WSBN) has applied for 12 exploration tenements near to the Red Setter gold dome project. They are also close to the Telfer gold mine operated by Greatland Resources (LON: GGP). The share price jumped 94.4% to 0.7p.
TechFinancials (LON: TECH) has entered into an agreement to potentially acquire a 60% stake in the Dilotiko high-grade iron ore project in Kenya. The mining permit application is going through final evaluation. There has been historical exploration. This could be an open pit mine with a 20 year life. TechFinancials is issuing 20 million shares at a deemed share price of 0.25p for an option to acquire 60% of Dikotiko. Then, within 60 days 80 million shares, depending on the price will be issued to acquire 25% of project owner Dilotiko Ltd. Further shares will be issued to take the stake in the project to 60%. The deal was introduced by Gathoni Muchai Investment Company, which can appoint two directors to the TechFinancials board following the formal acquisition. The firm will also underwrite a placing to raise £250,000 at 0.25p/share. The share price rebounded 75.7% to 0.325p.
Coinsilium (LON: COIN) ay that its Forza! subsidiary holds 86.67 Bitcoin. Shareholder agreement to the issue of new shares will enable further investment. Trading activity in the shares has increased. The share price rose 54.3% to 27p.
The Smarter Web Company (SWC) raised a further £10.3m at 325p/share, which follows the previous placing raising £22.9m at 327p/share earlier in the week. The company currently owns 1,275 Bitcoin at a total cost of £100.1m. There is £31m left to be invested. In the past 30 days there has been a Bitcoin yield of 497% on its treasury holding. The share price improved 21.7% to 392.5p.
FALLERS
Shares in prize draw operator Good Life Plus (LON: GDLF) fell a further 32% to 0.425p following the previous week’s announcement that it plans to ask shareholders for approval to leave Aquis because it says there is limited liquidity, and it is getting funding outside of the market.
Vaultz Capital (LON: V3TC) director Neil Ritson has left the board. The company has submitted an application to commence share trading on the OTCQB Venture Market in the US. Bryan Reid has built up a near-11% stake. The share price dipped 28.1% to 16.625p.
Hot Rocks Investments (LON: HRIP) increased the size of its fundraising from £375,000 to £450,000, still at 1.125p/share. The share price declined 14.1% to 1.375p.
Broker VSA Capital (LON: VSA) returned to profit in the year to March 2025 as revenues roe from £1.89m to £2.78m. A small loss was reported, but that was due to the amortisation charge of £330,000. Underlying pre-tax profit was £323,000. There was £537,000 in the bank at the end of March 2025. The number of retained clients increased from 27 to 30. The share price slipped 2% to 4.9p.
Rockfire Resources (LON: ROCK) announced more positive news for the Plateau project in Queensland from farm-in, joint venture partner Sunshine Metals. ACAM LP has a 16.3% stake in Rockfire. The share price rose 15.8% to 0.11p.
Sundae Bar (LON: SBAR) has begun the acquisition of Bitcoin. The TAO Strategies partnership delivered subnet emissions increasing from τ9 TAO daily at the end of June 2025 to τ15 TAO daily (equivalent to approximately $5,490 daily). The share price improved 7.32% to 11p.
FALLERS
Petro Matad (LON: MATD) has raised £2.84m at 0.8p/share – more than expected – and could raise a further £500,000 from a retail offer. The cash will be invested in lower cost power generation. The share price slumped by one-quarter to 0.825p.
Ticketing technology provider accesso Technology (LON: ACSO) says that the full year revenues will be at the lower end of guidance. Weak attendance levels for customers reduced transaction revenues. This is the most important trading period. Cash EBITDA margin I still expected to be 15%. A customer says that it will not be renewing one of its agreements and that will reduce 2026 gross profit by $6m. There are new contract wins. The share price dived 23.7% to 363p.
Allergy Therapeutics (LON: AGY) has issued 250.7 million warrants exercisable at 4p each. This is related to the £50m loan facility. There are 25 warrants issued for every £1 drawn down. The share price fell 4.55% to 7.875p.
URU Metals (LON: URU) reports assay results for the two hole drilling programme at Zeb nickel project in Limpopo, South Africa. This confirmed mineralisation of an untested area and there are also thicker, higher-grade intervals beneath the historic resource. The share price declined 2.06% to 4.75p.
Premier Miton (LON: PMI) reported a small decline in assets under management to £10.5bn at the end of June 2025. There was a positive performance over the latest quarter and outflows were lower. After the period end there was a new $50m mandate after the period end. The share price dipped 4.9% to 68p.
