Ann: Funds under management as at 31 March 2021, page-4

Have converted back the FUM figures based in AUD for comparison purposes and growth is looking great from AUD and USD view this quarter.
The quarter was super positive from all boutique fund perspective, no negative growth for the quarter at all.

See table of historical performance:


A few notes:
> Carlisle, we know has raised $USD290M during the quarter and there was $USD135M increase in the closed end FUM (possibly outgoing FUM or further FUM of $USD155M to come next quarter - I assume it may take a while to gather committed FUM in closed funds)
> ROC Partners, if it wins the battle for VTH will increase FUM by $A350M. There are still other farm assets it has been flagged to purchase that are up to $100M each
> Proterra has grown the most in the quarter, almost reaching 15%.
> Pennybacker achieved double digit growth for the quarter and will continue to grow.
> GQG super growth from a fund manager with a lot of FUM. Double the quarter growth from any ASX listed fund manager.
> Reporting in USD makes sense.
> Looking at Astarte and the news release re: partnering to create a $USD1B with Smart Infrastructure Managers (SIM), high growth in the ethical space. I think we will see a similar business to Australian Ethical Investments (AEF:ASX) within two to three years (current market capitalisation of AEF:ASX is $981M)
> VIH + VIHAU - can't say anymore, major contributor to earnings this coming year

Given that FUM growth mainly came from funds other than GQG, end of year earnings are likely to be much higher.

Best of Luck
Lost