This is too simple way of thinking about FUMA and market conditions impacting this.
The FUMA are invested across a diversified portfolio of securities, including equities but not just ASX200/S&P500 and bonds, private markets and private equities, debt capital markets and others. So there is little direct correlation between the two indices you mention and FUMA. We know that small caps in that time has been impacted more significantly than large caps;
We know the NASDAQ had fallen 6% in the 6 months to 31 Dec 2022. Some of IFL's holdings including by investor in its platforms or its asset management products.
The S&P was flat when comparing 1 July 2022 to 31 Dec 2022 at around 3,800 but actually it recovered from a significant decline during that time period to 3500's hence the decline in investment markets.
These are the facts that do not support your comments.
IFL Price at posting:
$3.19 Sentiment: Buy Disclosure: Held
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