Ann: Profit Guidance, page-4

What the profit upgrade does not mention is that HHL put $5m into its new product Hunter Hall High Conviction Trust when it was launched in Dec 2014. The unit price is now up 50% ($1.00 to $1.51), giving an unrealised profit for HHL of $2.5m over the last 6 months. Not sure how they will handle that in an accounting sense, but it would more than double the upgraded forecast for the last 6 months of this FY.

Regards Westwind