With the A$ below 74cts and the securities in the funds doing...

With the A$ below 74cts and the securities in the funds doing great, FUM will be over 115B already. That will translate to around $2.7 EPS for FY 2022 . With the economy reopening trade behind us, the mix of shares in the portfolio will do well as long as world economy doesn’t face a calamity. There is more and more reasons why MFG needs to be valued at higher PE. Regarding the hedging of currency, you can argue it was a good thing that it was not hedge around 79cts. It is not something that can be predicted easily and I have seen multinationals working without hedging currencies for that reason. It can go both ways. Also regarding quarterly reporting, I read article which said in the month of June 2021 MFG had seen inflows, even though quarter had that small outflow. So if monthly reporting was in place end of June would have come out in positive note. These are not numbers to worry about when you are trying to value on long term expected returns. On top of all these if you add future potential of principal investments like Barrenjoey & GYG, MFG is in very good space, despite what big bank analysts had to say.