Ann: Funds under management as at 31 December 2022, page-2

Hi All

This quarter is a bit of a "steady as she goes" for boutiques ex-GQG. Alternative asset markets have been growing at an above average pace over the last couple of years, but this appears to have stalled (still growing at a greater pace than global equity markets for the calendar year). Luckily GQG FUM quarterly increase has meant PAC reports overall growth for the quarter still.

The AUD/USD exchange rate was -5.2% for the quarter, so this has contributed to the decline of -4.1% for PAC ex-GQG boutiques.

Positives out of this quarterly report:
1. Carlisle growth returns after more than a year of FUM declines in USD.
2. Annual FUM growth circa 16% (Pennybacker=+42.73%, VPC=+35%, Banner Oaks=+27%, Astarte=+25% and ROC/Proterra=+10%)
3. $AUD800M of FUM inflows for the quarter is positive (PAC management have exceeded what they said they would do from Feb-2022 HY22 Outlook - see table 1 and 2 below)
4. PAC management positive that they will reach the upper end of forecast, meaning they are expecting circa $AUD2B in FUM inflow for the next 6 months - up to June 30 2023.

Here are the FUM inflow forecast charts:


Here are the FUM numbers comparative to ASX listed peers that have reported (PNI and JHG to report in the next two days):


Here are the Sum of Funds for PAC:


Anyone else want to add to above?

Best of Luck
Lost