During the quarter, we added several new holdings to the portfolio including wealth manager BT Investment Management Group (BTT). BTT was opportunistically added to the portfolio when major shareholder Westpac Group undertook a major sell-down of its holding reducing its stake from 59% to less than 40%. Despite continued strong operating performance, the BTT share price has pulled back from a recent high of $10.97 and the sell-down price of $8.40 represented an attractive entry level. BTT continues to rapidly grow its FUM with strong recent in-flows, particularly from UK based J O Hambro. Total group FUM now stands at $80.7b at 31st May 2015. Fund performance across the BTT group has been exceptional with 100% of the FUM having a track record exceeding their respective benchmarks for the five years to 31st March 2015. This bodes well for continued strong FUM inflow into the future. The group continues its progress towards becoming a world class global asset manager, yet continues to trade at a price to earnings discount to listed peers Platinum Asset Management and Magellan Financial Group.



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