Indeed - 12:00 is a bizarre time to release results.... TOT...

Indeed - 12:00 is a bizarre time to release results.... TOT 2:40, GDC 4:03... there is no guidelines here.

Different angle on this FY's result preso. They are trumpeting their track record in 'trading profits'. And when you go through the historical contributions on past decade, they have proven some ability in this area. Recently - Peet and EP1 plays. Pages 17 and 25. Interesting is they have already booked in some FY22 results from the trading contribution (possibly some PE deals are well progressed).

Streamlined strategies down to 3 - (as other have pointed out there have been some epic failure in some of the 'pillars' that they trialled 12 months ago. But the upshot of this is focus, and they will be reducing headcount in FY22 (refer to the outlook slide).

I consider the downside for shareholders, a 'trading house', will never trade on a decent multiple, compared to a fund manager on recurring revenue base. Perhaps it is destined to trade around NAV forever.

Preso also tiptoed around the $2.4M performance fee (TOT capital reit). Not sure why. Perhaps that is some reconigition that it was a pretty sly move to charge a performance fee on the back of a beaten up Jun 20 share price. But if you read the annual report, it's there. (Preso only references a 100% jump in funds mgmt fees).

I'd be interested in anyones views on the remuneration report. I don't have a good handle on them, but the exec's look well fed. But again, I generally don't benchmark these too widely against peer group. Interestingly, there is a table in the rem. report which highlighted % of STI/LTI incentives paid as a % of the profit for the period (around 40%). Generous.

Yield upped to 6c (fully franked), which will have plenty of the HC posters wetting their pants. (Div yield is interpreted as the proxy for success).

I'm still holding on.... even if I shared some of the frustrations posted by others.