Speeches at annual meetings and the release of quarterly fund flows data gave shareholders in Perpetual, Magellan Financial Group and AMP fresh perspectives on how these fundies are facing up to the tectonic shift to passive investing.

A week after industry data was released showing a net $59 billion of inflows into low-cost, exchange-traded funds in the year to September 30, the three fundies were putting the best spin possible on what are clearly difficult times.