What I also feel it is important to point out is that, of the +9.8% YoY increase in FUMAS, +6.3% has been due to Net Inflows, and only the remaining +3.5% to market movements (net of margin compression).
For the sake of clarity, “net of margin compression” is rather meaningless, in the sentence above, as margins are clearly independent of the absolute level of FUMAS.
What I meant to say was actually that these positive FUMAS figures did not yet factor in the ongoing impact of margin compression on earnings. I really should get into the habit of double-checking what I write before posting.
IFL Price at posting:
$9.50 Sentiment: Buy Disclosure: Held
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