I agree the performance fees are effectively just a bonus for shareholders and as each of the funds gets more mature the high watermark makes it more difficult to eke out a pf. That's why new mandates are always nice.
The retail inflows are just as nice as a pf. Its good sticky money at a very high MER. We should net 1% from these funds.
I also think there will be a few more international insto wins this year, as flagged by Hamish.
This is not a raging buy but is a nice anchor to my portfolio. I think fair value is around $23-24.
Signifiant Drop in Performace Fees from $42 M to $5M, page-5
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Last
$11.26 |
Change
0.030(0.27%) |
Mkt cap ! $2.013B | |||
| Open | High | Low | Value | Volume |
| $11.23 | $11.28 | $11.05 | $7.131M | 637.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 234 | $11.22 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $11.28 | 6303 | 3 |
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| Last trade - 16.10pm 18/10/2024 (20 minute delay) ? |
| MFG (ASX) Chart |