Results out this morning and no surprise that there is negligible Performance fee income for 22/23.

• FUM up by 7% (presumably mostly market value increase)
• Slight decrease in customer numbers

I still think it is quite an interesting proposition, seems like there isnt much love for investment managers more broadly but with minimal performance fee contribution the result is a p/e of just under 14, Is it fair to consider that a baseline which you can add both growth in FUM and decent hit rate of performance fee to?

Held IRL

H1 results are in and the performance fee has been obliterated, probably not unexpected given the investment approach

Not heaps of positives with FUM and recurring revenue both declining, would be nice to understand what the net flows look like v change market value

Still a holder IRL but will be keeping a close eye on whether they can outperform moving forward