"Hardly any growth" would be fine. The problem is that the guidance range for 2020 is *lower* than for 2019.
The big question is what is the excuse for poor performance? There was significant volatility in late 2018 but every year has pullbacks at some point.
Both Australian and global markets are almost universally up for FY18-19, this should not have been a challenging environment for funds management.
News: CGF Australian fund manager Challenger downgrades outlook, page-2
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