Hi TimtamTomYou are correct, historical data it is.I understand...

Hi TimtamTom

You are correct, historical data it is.

I understand the thesis, AEF is growing FUM based on historical data and is growing faster than MFG on a three month and two year FUM CAGR basis. It has smaller FUM which makes it easier, but is faster all the same. I see growth trends like this as having a low probability of changing into the future and use them as the basis to forecast.

Given strong growth, if a Fund Manager like MFG comes into Ethical Investing market tomorrow because it likes high growth with margins and they start accumulating FUM inflow that would historically go to AEF, what is the premium you would pay for AEF?

Best of Luck
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