Moelis - Quite different from the other listed fund managers, both in term of customer profile (around 50 % from foreign high net worth, Chinese for a very large part) and assets managed (retail shopping centers, logistics, aged care, hospitality and credit). - strong growth pre-covid, slight decrease of their earnings in FY 20 and again significant increase of their earnings from FY 21.
Main interests : - regular increase of their AUM and high average management fees (105 bp in FY 20) probably due to their customer mix (mainly retail and high net worth), - valuation which looks OK (PE and market cap/EBITDA) if they enter again a phase of stable growth.
Main questions : - risk around of the Significant Investor Visa, as they got around 50 % of their AUM thanks to this scheme (risk that this visa may be stopped ? risk that the funds are not sticky once the visa expires ?), - in their asset management business, only 50 % of revenues comes from management fees (rest comes from performance fees and mark to market on principal investment), - absolute performance of their funds ? Can't find it in their presentations. Seems limited when I remove the impact of net inflow from the growth of their AUM.
