Not seeing it. Yes there's been EPS growth but it should have been much, much higher. Looking at the detail flows into superannuation are down 26% on last year. This is to be expected as growth levels out but where are the new growth initiatives to keep EPS growing. They are flagging further reductions in fee margins. Expenses grew 28% and again, they are flagging further "investment" in operating costs. Net result - lower profits.
Ann: AEF Shareholder Presentation, page-5
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