FUM changes with the value of actual shares held as well as any (nominal) currency conversion benefits/losses on international holdings (although the $AUD has gone up against the $US) and these affect the FUM expressed in $AUD independently of inflow/outflow.
The only number from MFG that matters is fund inflow or outflow.
And once again, another not insignificant outflow (>1%) even in the holiday month of January, when most fund managers and personal finance advisors are on the beach.
Ann: Funds Under Management - January 2023, page-15
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