Yes, I can see how I misinterped the AEF release.
I would admit I mainly have a position here because they only have measly 1 million shares on issue and are approaching $100 per share lol.
Whilst they maintain a strong growth in FUM I am hanging on because ultimately profit generation will catch up.
IMO profit margins will never go back to previous levels. They have dropped their fee % rate in the last 12 months (to be more competitive) and on top of that were advised that their back office staffing/systems had not been increased/improved to match the growth of the business (this was seen as one of the causes behind the unit pricing problem).
I will continue to hold well into the next FY to see how the books look after the unit pricing issue is in the rear vision window.
Gosouth
AEF Price at posting:
$95.60 Sentiment: None Disclosure: Held
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