Navigator has been around for years having changed names. It does screen as cheap at current levels - as do all fund managers - but what sets them apart is their focus on alternative fund managers so perhaps less exposed to maket movements. They used to be focused just on hedge funds which have been hated since the GFC and looked terrible against equities in the gogo years of the last decade with falling interest rates. I wonder could this be a turning of the tide where altenatives come back?

Their FUM is remarkably resilient. They have been making a number of acquisitons in recent years so not sure how these will peform expanding into private debt, equity, real estate. The dividend has been cut a long way but they have pretty steady profits of around $30M. The dividend looks to have likely bottomed and should hopefulyl return to growth (albeit unfranked) They have a large liability for a recent acquisiton so are actually not net cash as would screen on Tikr etc.

I'll do a deeper dive but at first glance could be interesting in a beaten up sector. I would be keen for any views especially on current managment.