Ann: Funds Under Management and Performance Fee Update - Dec 2023, page-7

costs quoted relate to funds mngt only, i also used H2 FY23 to derive many of my numbers, so unless things have dramatically changed, aside from the unknowns that we both highlighted, this should be materially correct. Barra will impact this to the downside if you are correct.

$800m "investments". cash has depleted (continued erosion - both BB, options buyout etc), barra is worthless which leaves maybe $500m of their listed investments?

p/e of 13 even @ your 50c = $650m mkt cap + lets round it to $500m "investments" = $1.2bn max. and why should they command the industry avg p/e? they continue to bleed FUM.....risk adjusted p/e of 10 at best.....again, FV at about $1.2-$1.3bn max.

numbers will erode as FUM depletes further in H2, who knows where H2 avg fum will land, esp given the headwinds.

gltah