For the past 10 years, Perpetual has been building up its rather substantial stake in ASX-listed funds management minnow Pacific Current Group.

So it was no surprise at all to see Perpetual's small caps tsar Jack Collopy nominate it as one of his top high-yielding small caps in a piece for Livewire earlier this month. Perpetual owns 15.59 per cent of Pacific Current Group, which has worked out well for Perpetual investors as Pacific Current is up 25.3 per cent this calendar year, despite a downgrade on Monday.