RBA Rates, page-19

Though I agree SWF is one of best interest rate increase bets, your expectations are not entirely correct, interest rate benefit capped around 1.5 as passing it onto customers comes into picture at one point, lets give SWF 10mil annual interest income flow, I had to put off my buying idea mainly because,

a) we are on the worst quarter for SWF, next one might be ok, but FY22 Q4 income from trades negative QoQ, Total HIN holding negative QoQ
b) as usual you hear a crypto target date changed to future time
c) known top 5 investors wanting to cut down their holding which is driving down the share price
d) competitors are obviously better in executing stuff
e) inefficient partner or the bleeding OM

Positives I see are 1) mainly a takeover bid between 50 & 70mil 2) Possible UK market addition announcement in FY2023