This is true. However, we don't know their mix of assets. As of July (their most recent ADV filing), they showed $550M in AUM. So it is possible that some of their investments have shifted to non-13f assets. It's hard to know because we can't see prior ADV's.
But to your point, their 13f assets were up to $1B 3 or 4 years ago. And we could see in real time that many of their investments were shrinking.
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