1H-2023 update

Long time since any newsflow from MAM.
Whilst their monthly reports give regular performance updates per fund, there is nothing on FUM flows, or earnings etc.

Given that unit prices for most funds are still well below high water marks, I'd assume no performance fee for FY23.
But I'd rate Micro as as "Gentle BUY" as I'd expect a growth in FUM since Jun-2022 result. On the basis of the market movements, and the strong track record in client number growth last year (even when the market was choppy).

On a FUM base of ~$570M I'd estimate operating earnings at $6M pa (flat on last year) still enough for a healthy dividend, plus some investment returns of the substantial ownership of their own funds. Given that the ASX is at all time highs, I'd expect the performance fees will return in time.