The bulk of CIW funds are in high margin (1.8%) private managed portfolios. This should support revenue growth.
My concern actually has been in the costs - over the last couple of years there has been a fair bit of increase and volatility in the operating expenses (commissions?) which has dampened the operating leverage. Big increase in costs in 2H 14, however, they have come down in 1H 15.
The bulk of CIW funds are in high margin (1.8%) private managed...
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