Steady double digit growth of 34% for funds under management from AEF recently. Seems the super guarantee contributions is underpinning growth and one reason why I got back in again. Maybe the big surprise is flows from instos as previously it was the opposite.

But a lofty retrospective PE ratio of 50 and no forward guidance in this announcement after recent increase in the share price

[held]

Although the numbers from the update look good, it is interesting that AEF has not provided any guidance for the next reporting period. The call transcript did not provide much information other than they see Superannuation Guarantee contributions contributing more to revenue growth.

All in all, no hard numbers to figure out the future valuation of the share price.

Also not surprised that the share price fell given the recent falls in the markets.

[held]

Shorts were increasing leading up to the results announcement

This leads me to believe that this 20% pop yesterday is probably short covering.

I would say that their stock picking in small caps has been not so good with PRO and M7T as examples. So achieving this double-digit growth is surprising although growth for this half is less than PCP

Will be interesting to see if this drops in the next few days.

[held]

AEF up around 15% today

Something in the AFR about them almost acquiring future super but don't have access to full article

Also released their results

Held

Future Group entertains IPO after strong quarter

Behind the AFR paywall.

Not sure what why the spike in share price given AEF has averaged down on a few dubious holdings recently

Was thinking about going back in at 4.50 but still looks too expensive given the quality of their holdings such as nxl and eml

Even though this article relates to Lend Lease's development in the Mt Gilead Koala Habitat, I thought better to post under Australian Ethical as their investment in Lend Lease doesn't align with their core values in standing up for environmental issues (April 2022).

https://www.smh.com.au/environment/conservation/sydney-region-s-last-healthy-koala-population-threatened-by-development-20220413-p5ad4w.html

To balance the view, here is a article from their website from February 2022 stating their position.

https://www.australianethical.com.au/blog/our-position-on-lendlease-development-figtree-hill-and-and-mt-gilead/

From the latest SMH article, it doesn't look like Lend lease is adhering to the conditions but it doesn't look like AEF has pulled the plug yet on their investment with Lend Lease.

Happy to stand corrected.

AEF share price has been holding up quite well despite some negative press. Possible reasons:

• Possible windfall profit from the HRL takeover by ALS labs.
• Upcoming takeover of Christian Super's funds under management of 2 billion

Some doubts:

• Given the falls in the market, is the mark to market value of Christian Super funds really 2 billion? Anyone buying AEF here thinking it is worth 2 billion now when it might be slightly less could be too optimistic.
• AEF is sub holder of EML payments which had gone down 20%+ after the sudden departure of the CEO. While a big drop, the holding is only $15.9m (from $19m) and is small versus the $6billion AUM. So maybe the market here is giving this a pass. But it does reflect poorly on their decision-making.
• AEF holds quite a bit of Genworth Mortgage insurance ($51m). With house prices going down, Genworth price may follow.