Management have been making those cautious statements for years. I am a big fan of CML - and Peregrine. CML has around R500bn in assets under mgt - vs the JSE market cap of around R9 trillion. Not all their eggs are in the JSE basket - so still only around 3% of the total value on the JSE. AS one of the leading fund managers across the board - any international institution wanting to pump money into the African emerging market - will be looking to these guys. So performance fees might drop, given the current value of the market (can these guys keep outperforming at the rate they have?), but I would still expect their underlying asset base to keep growing, and for them to pick up more and more clients. So I would keep buying the dips with these guys.