Ann: Funds under management as at 30 June 2021, page-16

Hi Lost. Thanks for the charts it make doing workings and assumptions a lot easier.

Now my take on earnings ,I think yours are to optimistic.

The way I would break it down is 1HY v 2HY. PAC 1HY 23cps.

PAC 2HY. Please note I’m round these numbers out roughly.

Tier 1 boutiques.
Aether ,VPC fairly flat 1HY v 2HY. Possibly slightly negative.
Carlisle down =Proterra up. One negates the other.
GQG up a lot but we don’t receive revenue equal to FUM growth. What that amount is a guess but going on previous years and we get the major benefit in 2HY lets allocate an extra $4 mil for the half.

Tier 2 boutiques.
Some good performance from ROC ,EAM and Pennybacker. Blakecrane slight negative.
Full year 2020 revenues for Tier 2 was only $8.6 mil. We don’t know their fee margin but lets be generous and allocate $12 in revenues for FY2121 of which we could indicate an extra $2mil in the 2HY v 1HY.
With the $4mil from GQG is a total of $6mil extra management fee 2HY v 1HY.
Now lets assume performance fees and management expenses are stable for 2HY that’s $6 mil extra less tax

Aprox extra 9cps. 2HY 32cps +1HY 23cps=PAC 55cps FY2021 Final div 25-30cps.

My thoughts on 2022. 1HY 32-37cps depending on performance fees. 2HY 37cps. FY 2022 69-74cps.