I agree the performance fees are effectively just a bonus for shareholders and as each of the funds gets more mature the high watermark makes it more difficult to eke out a pf. That's why new mandates are always nice.
The retail inflows are just as nice as a pf. Its good sticky money at a very high MER. We should net 1% from these funds.
I also think there will be a few more international insto wins this year, as flagged by Hamish.
This is not a raging buy but is a nice anchor to my portfolio. I think fair value is around $23-24.
MFG Price at posting:
$21.32 Sentiment: Hold Disclosure: Held
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