lol!
UGLY as. AS stated previously, the skew favours H1 and these results are brutal enough....!
this slide sums it up:
Headline states the 3 funds have outperformed when the table CLEARLY SHOWS THE MAJORITY HAVE UNDERPERFORMED
SIGNIFICANTLY FOR THE LAST 5 YEARS!!! and hence the MASSIVE OUTFLOWS!!!
LOOK AT THE 1 YEAR MASSIVE UNDERPERFORMANCE - HOW WILL THIS ATTRACT FUM/?>???
then it goes on to state:
and throw you a 5 year turnaround plan thats not worth the paper its printed on....!!
REMINDER - YOU ARE STARTING THIS HALF WITH FUM AT $45.3BN, NOT THE $53.8BN AVG YOU ENJOYED IN H1. thats already a ~$8.5bn disconnect, further FUM losses will result in massive H2 net profit erosion on a reconfirmed FLAT cost base.....
The results were always going to favour H1 over H2.....
(20min delay)