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No. of Recommendations: 6
this is an interesting one

valuation is cheap
at 203, at 703m
but 215m investments and cash
but this fluctuates (investments do) like for most asset managers
trailing ni+da is 55, with 61m CFFO; CapEx is minimal

the funds
I track 4 of them
make up 14.3b of the 21.9 or so end of March
so pretty representative

1, 3 and 5 year in category
Long Short   3 stars 4.6b  81-50-27
Small Midcap 4 stars 2.5b 72-47-32
Large Cap 4 stars 5.8b 51-19-13
Smal Cap 4 stars 1.4b 26-72-68


ER: 1.4-0.93-0.85-1.3
maybe a wee too high but LS tend to get higher ER for some weird reason

Of these, most important is the LC cause the other areas are closed to new investments
but they could open any time

DHIL itself likes to distribute special dividends
but have really cut down for some weird reason lately - they could do a LOT more

the stock is hard to buy - the spread can be 0.5% to 1%
and you can't get out easily

Flows have been muted lately - 425m last 12m
but very little in the last 2 Qs
lot of outflows in the sub-advised and institutional side
prob due to the ERs and move to indexing
but now 72% of AUM is with the proprietary side

My guess is flows in Q1, based on the 1.7% drop in AUM over the quarter, the -0.8% drop in the SP500 over the same period, and current ytd returns are probably flat
so that would make 3 Qs of eh flows

thoughts?
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