# PAC - Pacific Current Group



## sam76 (19 October 2005)

seems to have come back a bit of the last couple of months.

MD has a strong rep in financial circles

had some pretty good mail that will be a take over target once FUM hit 10 billion.

now broadening into ASIA.

Does anyone else know of this stock??


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## 56gsa (29 April 2006)

*Re: TRG - Treasury Group*

Sam, u looked at this lately?  
Chart looks interesting imo - had a run after Oct to 13.70, but then H&S developed and now back at $12, volume is increasing and other aspects look good - particularly if it can breakthru 12.30-12.40 might then have a run to 13.80 again?
Seems to have traditionally had a bit of a run from May-Jun apparently cause performance fees are at end of the year. 
just some thoughts...


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## sam76 (13 April 2007)

*Re: TRG - Treasury Group*



56gsa said:


> Sam, u looked at this lately?
> Chart looks interesting imo - had a run after Oct to 13.70, but then H&S developed and now back at $12, volume is increasing and other aspects look good - particularly if it can breakthru 12.30-12.40 might then have a run to 13.80 again?
> Seems to have traditionally had a bit of a run from May-Jun apparently cause performance fees are at end of the year.
> just some thoughts...





Sorry 56gsa just read your post then  

there has been a lot of "robot" buying with TRG over the last couple of weeks.

today it's all about the number 36.

Do you think it could have any significance or is it just random?


Today: 13-Apr-2007 Time(AEST) Price Volume Value Condition Codes 
14:45:27 14.1000 36 507.60  
14:35:21 14.1000 36 507.60  
14:34:16 14.1000 36 507.60  
14:34:06 14.1000 36 507.60  
14:33:56 14.1000 36 507.60  
14:33:46 14.1000 36 507.60  
14:33:36 14.1000 36 507.60  
14:33:25 14.1000 36 507.60  
14:33:25 14.1000 5,000 70,500.00 XT 
12:50:19 14.1000 36 507.60  
12:36:11 14.1000 36 507.60  
12:36:01 14.1000 36 507.60  
12:35:51 14.1000 36 507.60  
12:35:41 14.1000 36 507.60  
12:35:31 14.1000 36 507.60  
12:35:30 14.1000 1,775 25,027.50 XT 
12:27:39 14.1000 36 507.60  
12:03:25 14.1000 36 507.60  
12:03:24 14.1000 334 4,709.40  
12:03:24 14.1000 26 366.60  
12:02:45 14.1000 110 1,551.00  
11:41:15 14.1000 36 507.60  
11:41:05 14.1000 36 507.60  
11:40:55 14.1000 36 507.60  
11:40:45 14.1000 36 507.60  
11:40:44 14.1000 720 10,152.00  
11:40:44 14.1000 380 5,358.00  
11:38:41 14.1000 200 2,820.00  
10:52:54 14.1000 40 564.00  
10:52:44 14.1000 40 564.00  
10:52:43 14.1000 340 4,794.00  
10:52:43 14.1000 13 183.30 XT 
10:38:34 14.1000 42 592.20  
10:38:24 14.1000 42 592.20  
10:38:24 14.1000 570 8,037.00  
10:24:18 14.1000 280 3,948.00  
10:08:58 14.1000 23 324.30 XT 
10:08:58 14.1000 425 5,992.50  
10:08:58 14.1000 600 8,460.00  
10:08:58 14.1000 300 4,230.00  
10:08:58 14.1000 52 733.20  
10:08:58 14.1000 49 690.90


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## bigdog (1 October 2007)

*Re: TRG - Treasury Group*

sam76 - What is your opinion of TRG today as I assume you still hold?

The SP today was up 25 cents and with good volume

 52-wk High $16.75
52-wk Low $11.15
Market Cap: 	$343,926,524 	
Issued Shares: 	   22,776,591.00 	
First listed 	25-Sep-87 	
First traded 	25-Sep-87 	
Dividend 	                 0.35 	

Recent trading	
Date------   	 Close    	Volume  
27-Sep-07 	                15.00 	105,925
28-Sep-07 	                14.75 	11,129
27-Sep-07 	                14.49 	25,564
26-Sep-07 	                14.50 	31,629
25-Sep-07 	                14.35 	18,116
24-Sep-07 	                14.40 	65,289
21-Sep-07 	                14.50 	38,841
20-Sep-07 	                14.30 	43,822
19-Sep-07 	                14.15 	66,961
18-Sep-07 	                14.00 	41,515
17-Sep-07 	                13.94 	9,673
14-Sep-07 	                14.00 	62,379
13-Sep-07 	                13.77 	12,468
12-Sep-07 	                13.71 	78,310
11-Sep-07 	                13.65 	6,775
10-Sep-07 	                13.70 	18,572


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## michael_selway (1 October 2007)

*Re: TRG - Treasury Group*



bigdog said:


> sam76 - What is your opinion of TRG today as I assume you still hold?
> 
> The SP today was up 25 cents and with good volume
> 
> ...




It really has taken off since 2001

*Earnings and Dividends Forecast (cents per share) 
2007 2008 2009 2010 
EPS 79.4 83.7 95.7 105.3 
DPS 60.0 67.5 77.5 85.8 *

Looks like it still has steady growth forecast

thx

MS


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## sam76 (1 October 2007)

*Re: TRG - Treasury Group*



michael_selway said:


> It really has taken off since 2001
> 
> *Earnings and Dividends Forecast (cents per share)
> 2007 2008 2009 2010
> ...




This is what impresses me.

1-  6,327 1510       1530 1,300 - 1 
1 - 1,500 1425       1550 928 - 1 
1 - 1,186 1415       1650 1,000 - 1 
1 - 700    1409       1712 600 - 1

Someone wants in bad.

Just went ex-dividend last week so it cant be that.

What's going on, I don't know.

I'm still holding.

This is a good solid stock and makes up a fair percentage of my portfolio (you can buy a lot at $3.00)


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## bigdog (2 October 2007)

*Re: TRG - Treasury Group*



sam76 said:


> Sorry 56gsa just read your post then
> 
> there has been a lot of "robot" buying with TRG over the last couple of weeks.
> 
> ...




https://www.aussiestockforums.com/forums/showpost.php?p=145428&postcount=3

Looks like today is 13!!!
Today: 02-Oct-2007
TimeAEST 	Price... 	Vol 	Value...
10:43:04 	15.3000 	447 	6,839.10 	
10:39:51 	15.2500 	12 	183.00 	
10:36:38 	15.2500 	360 	5,490.00 	
10:36:32 	15.2500 	13 	198.25 	
10:33:22 	15.2500 	13 	198.25 	
10:30:26 	15.2500 	13 	198.25 	
10:27:42 	15.2500 	13 	198.25 	
10:25:01 	15.2500 	13 	198.25 	
10:22:31 	15.2500 	13 	198.25 	
10:20:07 	15.2500 	13 	198.25 	
10:17:52 	15.2500 	13 	198.25 	
10:15:43 	15.2500 	1 	15.25 	
10:09:08 	15.2500 	635 	9,683.75 	
10:09:08 	15.2500 	67 	1,021.75


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## bigdog (2 October 2007)

*Re: TRG - Treasury Group*

Latest SP
TRG   	14.70  	  -0.300   	  -2.00%   	high of  	15.30  low of	14.25  	4,721 shares  	$71,417  @	02-Oct 03:44:57 PM

*Is the following DMA (Direct Market Access) or algorithmic trading?*
-- DMA trading allows a client to send orders directly onto a trading platform without human intervention. One form of DMA trading involves a strategy to match the volume weighted average price (VWAP) for a stock over a day. As a means of capturing the VWAP, a single order might be split up into several smaller orders which are submitted periodically (every 3 minutes for example).

I bought 500 shares today at average price of $14.687  	

It was the must unusual experience ever!

The SP opened this morning at $15.25

After midday the price was down to $14.65 and I placed my order where the top buyer price was $14.65 which has been filled with a few trades of $14.65; so I placed order for $14.66 to be head of the queue!

My order was partially filled at $14.66 with many parcels of 13 shares with a few at 12 and 14 shares
-- a buyer order was placed for 1000 shares at $14.67 and $14.70 so I increased my buy price to $14.72 which again was filled by trades of 13, 14 and 15 shares

Just about all trades have been for 12 to 15 shares but mostly 13!!!!

Today: 02-Oct-2007 
TimeAEST Price...Vol.Value 
15:18:57 14.7000 14 205.80  
15:16:41 14.7000 15 220.50  
15:14:27 14.7000 14 205.80  
15:12:12 14.7000 13 191.10  
15:09:52 14.7000 15 220.50  
15:07:31 14.7000 14 205.80  
15:05:12 14.7000 13 191.10  
15:02:46 14.7000 14 205.80  
15:00:42 14.7000 212 3,116.40  
15:00:42 14.7200 75 1,104.00  
15:00:23 14.7200 14 206.08  
14:57:52 14.7200 15 220.80  
14:55:23 14.7200 13 191.36  
14:52:47 14.7200 15 220.80  
14:50:12 14.7200 14 206.08 
14:49:31 14.7800 43 635.54  
14:47:38 14.7800 13 192.14  
14:44:58 14.7800 14 206.92  
14:42:17 14.7800 14 206.92  
14:39:33 14.7800 14 206.92  
14:36:47 14.7800 14 206.92  
14:33:57 14.7800 14 206.92  
14:31:07 14.7500 14 206.50  
14:28:13 14.7200 14 206.08  
14:25:21 14.7200 14 206.08  
14:22:17 14.7200 14 206.08  
14:19:12 14.7200 14 206.08  
14:16:07 14.7200 14 206.08  
14:12:58 14.7200 13 191.36  
13:59:42 14.6600 13 190.58  
13:56:11 14.6600 13 190.58  
13:52:37 14.6600 13 190.58  
13:49:02 14.6600 12 175.92  
13:45:22 14.6600 13 190.58  
13:41:32 14.6600 13 190.58  
13:37:37 14.6600 13 190.58  
13:33:37 14.6600 13 190.58  
13:29:32 14.6600 13 190.58  
13:25:17 14.6600 13 190.58  
13:20:52 14.6600 13 190.58  
13:16:22 14.6600 13 190.58  
13:11:42 14.6600 13 190.58  
13:06:46 14.6600 13 190.58  
13:01:42 14.6600 13 190.58  
12:56:22 14.6600 13 190.58  
12:50:46 14.6600 12 175.92  
12:44:52 14.6600 13 190.58  
12:38:37 14.6600 13 190.58  
12:32:02 14.6600 13 190.58  
12:25:01 14.6600 13 190.58  
12:17:31 14.6500 13 190.45  
12:09:36 14.6500 13 190.45  
12:01:16 14.6500 13 190.45  
11:52:36 14.2600 12 171.12  
11:45:13 14.2500 13 185.25  
11:37:04 15.2900 405 6,192.45  
11:35:21 15.2900 13 198.77  
11:27:16 15.2900 13 198.77  
11:19:48 15.2900 11 168.19  
11:00:14 15.2900 404 6,177.16  
11:00:14 15.2900 596 9,112.84  
10:54:38 15.2900 2 30.58  
10:54:38 15.2900 6 91.74  
10:54:38 15.2900 7 107.03  
10:54:38 15.2900 6 91.74  
10:54:38 15.2900 27 412.83  
10:54:38 15.2900 6 91.74  
10:54:38 15.2900 350 5,351.50  
10:51:37 15.2500 12 183.00  
10:47:21 15.2500 13 198.25  
10:43:27 15.2500 14 213.50  
10:43:04 15.3000 447 6,839.10  
10:39:51 15.2500 12 183.00  
10:36:38 15.2500 360 5,490.00  
10:36:32 15.2500 13 198.25  
10:33:22 15.2500 13 198.25  
10:30:26 15.2500 13 198.25  
10:27:42 15.2500 13 198.25  
10:25:01 15.2500 13 198.25  
10:22:31 15.2500 13 198.25  
10:20:07 15.2500 13 198.25  
10:17:52 15.2500 13 198.25  
10:15:43 15.2500 1 15.25  
10:09:08 15.2500 635 9,683.75  
10:09:08 15.2500 67 1,021.75


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## sam76 (4 October 2007)

*Re: TRG - Treasury Group*

Yep, it definetly is a strange share.

It's being chased up now with some pretty heavy offers being put up.

Did you see the order for 35,000 right on the bell at $15.20

Something is afoot here.

(but it's all good)


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## bigdog (8 October 2007)

*Re: TRG - Treasury Group*

The share price today is looking very good +$0.84   	  +5.36% 

 TRG   $16.50  	   	  +$0.84   	  +5.36%   	 with high of $16.50  	  7,113 shares  	 $115,294  @	 08-Oct 11:32:11

Tightly held share!


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## bigdog (14 November 2007)

*Re: TRG - Treasury Group*

ASX ANN today

There has been no change to the SP today $16.25 since ANN

14/11/2007	 	Chairman`s Address to Shareholders
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00782647

*2007 Results*
If you recall last year’s AGM, I stated that Treasury Group had laid the foundations for a new phase of growth.  In 2007 we made a start on leveraging that growth platform and achieved attractive financial results.  For the year ending 30 June 2007: 
• Treasury Group’s revenue increased by 12.9% to $58.2 million; 
• Our net profit after tax increased by 25.0% to $18.0 million; and  
• Group funds under management increased by over 43% to $14.5 billion. 

Your board approved a fully franked final dividend of 35 cents per share, bringing the annual dividend for 2006/ 2007 to a total of 60 cents per share. As we have previously stated, we are aiming to give shareholders a level of predictability in dividend payments, and accordingly, our policy is to pay a half-year dividend that is equal to half the previous full-year dividend (as long as there are no unexpected events).    

*2007 Highlights *
In February 2007 Treasury Group announced the establishment of TG Investment Funds, an Ireland-based vehicle for Treasury Group managers to offer products to European investors.  Treasury Asia and RARE Infrastructure have both opened funds under this vehicle. 

In July we announced the startup of a new boutique, Cannae Capital Partners, with Hugh Giddy as its principal.   I am pleased to confirm that Cannae is now managing money and there has been strong interest from institutional clients.  We welcome Hugh and his team to Treasury Group and hope for a long and successful association. 

Investors Mutual continued to enjoy steady flows on the retail side and Orion showed continued growth, especially on the back of its alliance with Trilogy Global Advisors.   

Global Value Investors and Treasury Asia both became profitable last year and continue to show pleasing growth in this last calendar quarter of 2007.  RARE Infrastructure has also broken into profit-making territory and we expect a material contribution from each of these businesses this year.  Each of these three businesses is internationally scalable and is well positioned to expand quickly.

We recently came to a mutual decision with Campbell Boag to close Confluence Asset Management Limited. Mr Boag intends to pursue other business interests outside of funds management, and though the business was a strong performer, it did not contribute significantly to Treasury Group’s results.


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## battiwallah (25 December 2008)

*Re: TRG - Treasury Group*

TRG is now selling (albeit very thinly) at a very attractive price, around $4.30 which is very low compared to the high of about 12 months ago of over $12.00.  This company has a very high return on equity and little debt.  There have been some major share movements recently, but it appears that some directors are buying up the shares while they are cheap.

Does anyone have any thoughts on this stock?

Disclosure: I have a small holding and plan to buy a few more over the next few months.


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## Country Lad (17 July 2013)

*Re: TRG - Treasury Group*

TRG is not normally the type of company in which I would invest. However, the chart pattern and the current market sentiment is compelling, so I bought when it broke out of the consolidation pattern.  I will monitor for an exit point.

Cheers
Country Lad


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## piggybank (20 September 2013)

*Re: TRG - Treasury Group*

I hope you are still in the stock C/L? Nearing the 50% Fib of the 07/09 down leg on increasing volume.


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## piggybank (3 March 2014)

*Re: TRG - Treasury Group*

The stock closed at $9.65c (up 5.5% on the day) on volume of only 70,000.

• *NPAT up 12% (on H1 2013) to $6.8 million
• Solid growth in underlying NPAT of $7.2 million, up 30% on H1 2013
• Total FUM at $19.1 billion, up 13% on H1 2012 driven by strong performances from RARE, IML and Celeste
• Dividend up 35% to 23 cents per share
• Portfolio rationalisation – sale of TAAM, merger of Evergreen Capital, closure of Orion Australian equities
• Solid momentum expected to continue into 2H 2014*

*Half Year Results Announcement & Presentation - 31/12/14​*Treasury Group Limited (ASX:TRG, “Treasury” of “the Company”) is pleased to report the Company’s Half Year results for the six month period ending 31 December 2013. Consolidated profit after tax (NPAT) totalled $6.76 million for the half, representing an increase of 12% on the prior corresponding period (H1 FY2013: $6.0 million). On an underlying basis, the Company’s profits were $7.2 million, representing an increase of 30% on H1 FY2013 ($5.5 million). The key drivers of profit growth were improved market conditions and strong performances from RARE Infrastructure (RARE), Investors Mutual Limited (IML) and Celeste Funds Management (Celeste).

The rest of the report can be read here:- http://stocknessmonster.com/news-item?S=TRG&E=ASX&N=784385

​


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## agumby (11 March 2014)

*Re: TRG - Treasury Group*

Interesting to see that Perpetual Ltd (PPT) has increased its interest in TRG by over 3% since mid december from 8.5% to 11.89%


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## piggybank (21 March 2014)

*Re: TRG - Treasury Group*



agumby said:


> Interesting to see that Perpetual Ltd (PPT) has increased its interest in TRG by over 3% since mid december from 8.5% to 11.89%




They also have the NAB onboard with just over 5% voting power...

​


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## agumby (5 June 2014)

*Re: TRG - Treasury Group*



piggybank said:


> They also have the NAB onboard with just over 5% voting power...




NAB position now up from 5.1% to 6.3%


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## robusta (5 August 2014)

*Re: TRG - Treasury Group*

I had a buy order in fir TRG a couple of years ago for about $3.75

They have just announced a merger with Northern Lights a US based funds management business.

http://www.asx.com.au/asxpdf/20140805/pdf/42r8t7z0jsz5c1.pdf

SP is now $10.43


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## skc (6 August 2014)

*Re: TRG - Treasury Group*



robusta said:


> I had a buy order in fir TRG a couple of years ago for about $3.75
> 
> They have just announced a merger with Northern Lights a US based funds management business.
> 
> ...





I remember looking at them around that level as well. It was the low liquidity that turned me off.

As a longer term investor who attempts to capture large moves (hopefully in the right direction), it's worth following the mantra "Don't be a dick for a tick" a lot of the times.


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## agumby (6 August 2014)

*Re: TRG - Treasury Group*



robusta said:


> I had a buy order in fir TRG a couple of years ago for about $3.75
> 
> They have just announced a merger with Northern Lights a US based funds management business.
> 
> ...




bought a chunk of these in May 2013 for $6.34 per share to go into my low income wifes portfolio, and happy so far with the return at better than 10% on investment just in dividend and FCredits alone. No dilution with tax as she does not earn enough yet but her portfolio is now pushing her to the edge of the tax free threshold. Think i will continue to hold for a while yet. Nice dividend annonced yesterday as well at 27 cents which is 4 cents higher than the corresponding period last year


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## robusta (6 August 2014)

*Re: TRG - Treasury Group*



skc said:


> I remember looking at them around that level as well. It was the low liquidity that turned me off.
> 
> As a longer term investor who attempts to capture large moves (hopefully in the right direction), it's worth following the mantra "Don't be a dick for a tick" a lot of the times.




Yep from memory missed my buy price for the sake of a few cents.



agumby said:


> bought a chunk of these in May 2013 for $6.34 per share to go into my low income wifes portfolio, and happy so far with the return at better than 10% on investment just in dividend and FCredits alone. No dilution with tax as she does not earn enough yet but her portfolio is now pushing her to the edge of the tax free threshold. Think i will continue to hold for a while yet. Nice dividend annonced yesterday as well at 27 cents which is 4 cents higher than the corresponding period last year




Well done I looked at them again in the high $5's and thought better opportunity elsewhere. This sort of business has great leverage when the FUM grows.


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## piggybank (25 August 2014)

*Re: TRG - Treasury Group*

Came up on my scan tonight.


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## System (24 October 2015)

On October 23rd, 2015, Treasury Group Ltd (TRG) changed its name and ASX code to Pacific Current Group Limited (PAC).


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## So_Cynical (18 September 2016)

I added PAC to the portfolio last week at 3.95

http://paccurrent.com/

PAC owns 65% of the Aurora Trust, the Trust part or wholly owns a portfolio of 18 boutiques fund managers located in the US, Europe, Aust, India and Singapore, the SP has been falling due to non recurring write downs that have come about because of a sizable reduction of FUM in a few of their funds.

The SP fall was probably accelerated by the September index re-balance, PAC being dropped from the ASX300, i understand that there is evidence of a shift away from active funds to passive index type funds, most of the ASX listed fund managers have seen their SP fall or go sideways over the last 12 months or so.

Only 28 million shares, market cap of 108 million, Aggregate FUM over 50 Billion A, Trust has 30M in cash and 25M in debt, the last cap raising in early 2015 was at $10.25
~


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## mcgrath111 (18 September 2016)

So_Cynical said:


> I added PAC to the portfolio last week at 3.95
> 
> http://paccurrent.com/
> 
> ...




Hi So Cynical,
I've always respected your posts and from what I can gather your a long term value investor. 

Given the bearish trend, do you have a stop loss in place; even though youve conducted significant analysis?
(Apologies for spelling errors / typed on phone)

Thanks,


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## So_Cynical (19 September 2016)

mcgrath111 said:


> Hi So Cynical,
> I've always respected your posts and from what I can gather your a long term value investor.
> 
> Given the bearish trend, do you have a stop loss in place; even though youve conducted significant analysis?
> ...




Im not a true value type investor, contrarian is more accurate i think, significant analysis  dont think so, i just like to have an idea of what im dealing with, almost everything i buy is in a down tend or going sideways after a down trend, no stops, when im in im in, 4 out of 5 are winners within 12 months.

PAC was one of 5 choices and on the day it was the only one to fall so turned out to be the one i bought, coincidentally the other 4 have all bounced...anyway time is my friend, PAC is a solid business.


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## mcgrath111 (30 September 2016)

So_Cynical said:


> PAC was one of 5 choices and on the day it was the only one to fall so turned out to be the one i bought, coincidentally the other 4 have all bounced...anyway time is my friend, PAC is a solid business.




It seems you made the right choice mate, seem to pick the bottom perfectly.


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## So_Cynical (30 September 2016)

mcgrath111 said:


> It seems you made the right choice mate, seem to pick the bottom perfectly.




Complete accident of course  though i have found that bottoms can be captured if one tries...noticed that all the 10 or so stocks i was watching for an entry have bounced, a little all (contrarian) boats rising perhaps. :dunno:


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## mcgrath111 (8 October 2016)

Added PAC to my long term holdings. Bought in at 4.04, I'm seeing a good resistance level at $4.

On a positive note I like the volume from a sell side; large gaps between bid & offer.


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## So_Cynical (29 November 2016)

So_Cynical said:


> (18th-September-2016) I added PAC to the portfolio last week at 3.95




Out today for a small profit, i have developed fund manger cold feet.


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## mcgrath111 (29 November 2016)

So_Cynical said:


> Out today for a small profit, i have developed fund manger cold feet.




I was going to post the same thing!, although I split my allotments, so I went out almost neutral.


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## craft (14 July 2017)

PAC is still not the most transparent of companies but some steps taken forward. FUM growth has been good recently and PPT is increasing holding but no idea if it's just as custodian or they might be thinking of buying some FUM growth for themselves.


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## Dona Ferentes (9 October 2021)

PAC featuring with the new IPO coming .... some retail available through CommSec


_GQG soon to list; the biggest IPO this year._

Company was co-founded by our Executive Chairman and CIO Rajiv Jain and CEO Tim Carver in June 2016. Tim Carver has extensive experience in establishing and growing investment boutiques with a differentiated proposition for clients, having immediately prior to co-founding GQG, served as CEO of ASX-listed *Pacific Current *Group, a multi-boutique asset manager.


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## Dona Ferentes (10 October 2021)

Pacific Current Group was an early backer of the soon-to-IPO GQG, investing $2.7 million early on and will own 4 per cent of GQG common stock following the listing. The value of the stake would be $260 million, or roughly two thirds of the Pacific Current share price, which rose 8 per cent on Friday following news of the GQG listing.

 The links between Pacific Current and GQG help to explain the decision for the Florida-based asset manager to list in Australia. Pacific Current formed from a merger between Australia-based Treasury Group and Seattle-headquartered Northern Lights Capital. Tim Carver, the former chief executive of Pacific Current who co-founded Northern Lights, is the GQG chief executive.

As well, Paul Greenwood,current chief executive and CIO of Pacific Current, has agreed to join the GQG board.

 Another reason for the ASX listing for GQG is the attractive valuation comparison to  local fund managers, specifically Pinnacle Investment Management and  Magellan Financial Group.

As GQG looks for growth, it states in the prospectus :


> _Prior to our launch, we have successfully expanded our client base into new geographies. We expect to continue  to experience growth in certain geographies such as Canada and the Gulf region. In particular, we have invested heavily in building our presence in Australia with a dedicated team and fund infrastructure to benefit from *the superannuation system and long term investor focus that make Australia a key market globally* for the asset management industry._


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