Ann: Institutional Inflow, page-7

The institution that just gave them >$120Million disagrees with you.......
(But maybe AEF cut them a special deal....)
Either way, it didn't stop the insto giving them a pretty significant mandate.
If anything this could be a precedent that shows the growth rate might pick up. We are guessing.

I have no qualms in seeing AEF as a market cycle play where the current cycle phase is all in its is favour, and this will turn.
But everything it is doing is niche organic growth, on a very tight share base.