Unwillingness to disclose FUM is a red flag. The retail version of the Fund is stated as having $5.2m in FUM as at November 2018 (Morningstar data). So that's deeply unprofitable. The bigger question is, is the Selector business profitable? What does it mean if they are not? Yes their fund performance numbers look good on the outside, but without higher transparency, personally I wouldn't touch them.
