my point is UBS forecast for FY 2022 is $2.27 EPS . In FY 2021...

my point is UBS forecast for FY 2022 is $2.27 EPS . In FY 2021 MFG earned $2.25 EPS on average funds of $103.5. Current funds are A$117B. So if you calculate on A117B EPS will be $2.60 or so. On top of it if Barrenjoey do well there won’t be losses for FY2022. That is further .22EPS for 2022FY. So on a such discrepancy on forecast, you will have a low valuation like UBS. On the question of fund outflows. It takes place if the fund is performing badly compared to others for long time. If you take FY 2021 that happened to MFG, but only 330M on 117B. That is why all the talk about relative performance. Any bad news is gold for media as people are glued to that bit information. I just did comparison from end of Feb 21 to now. MFG total fund of 117B outperformed MSCI by 2%. Why would people leave MFG fund? And go where? Did the institutional investors leave? No. Presumably they will analyse and find out MFG did badly during opening up after Covid and take it in the chin and move on. It is easy to to put up bad things at headlines, otherwise nobody will read the stuff written in the media. I am interested in numbers which are analyse rather than headline stuff. Of course I am not going to change market perception until next set of numbers come out. My numbers are based no major market eruption in world stock market.