Australian equities fund manager Perpetual Limited (ASX: PPT) today announced net fund outflows of $400 million for the quarter ending March 31 2016, including $100 million in outflows from the Australian equities channel.

Overall funds under management (FUM) were down $1.1 billion for the quarter, as market falls shaved another $700 million off total FUM, which stood at $29.8 billion at quarter end.

What may have worried some investors are some of the recent calls by the group’s equities team that include an estate agent, free-to-air television broadcaster, department store operator, and personal injury law firm. Let’s take a look at some of them.

McGrath Ltd (ASX: MEA) shares fell 30% today and are down around 45% since February when Perpetual bought up 11.56% of the estate agency. By March 2016 Perpetual had increased its stake to a substantial 13.23% – just in time for today’s huge price falls. Real estate agents are hardly a classic share market investment and the price falls come as little surprise to many.

Shine Corporate Ltd (ASX: SHJ) shares plummeted around 75% in a single day in January 2016 just after Perpetual had disclosed a 5.01% stake in the personal injury law firm in December 2015.

Nine Entertainment Co Holdings Ltd (ASX: NEC) shares fell around 25% in a single day in April after Perpetual had built a substantial 10.39% stake in the television broadcaster by March 2015. The tough outlook for free-to-air TV due to the fast-rising competition from online and new media is no secret as the sector continues to experience falling advertising revenues.

Myer Holdings Ltd (ASX: MYR) shares fell nearly 30% in a single day in September 2015 at a time when Perpetual held about 9.79% of the department store. If you’re ever out shopping and want to escape the crowds a good tip is to head into a department store operated by Myer. However, Perpetual remains a big backer of the department store as it fights rising competition from overseas fast-fashion rivals and the rise of online shopping.

As at March 31 2016 Perpetual’s Wholesale Industrial Share Fund had lost 27.15% of its value over the past year, while the Australian Share Fund had lost 22.8% of its value.

Given some of the embarrassing returns recently, it’s no surprise FUM is heading out the door again.

In fact, total group FUM of $29.8 billion is only marginally ahead of group FUM of $27.7 billion recorded on July 31 2010, nearly six years ago!

Over the past 10 years Perpetual shares are down 38% and today’s news of quarterly outflows doesn’t do much for the outlook.

Don’t fancy Perpetual shares?

Me neither.

So why not discover the 'new breed' of blue chips that could take your portfolio higher in 2016

These 3 "new breed" top blue chips for 2016 pay fully franked dividends and offer the prospect of capital appreciation. Click here to learn more.

The report is free! No credit card required.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool contributor Tom Richardson has no position in any stocks mentioned.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.