I was interested to review PCG after you asked the question. I think there are a few things with PCG that I think is important to look at. Firstly the FUM performance, I have the last quarter as falling back a bit: Note: The EPS above is based on full calendar year.
But at the end of the day, this shouldn't hold share price back as this is the same as most Fund Managers.
The other aspect to investigate is the half yearly report. It is clear that PCG earnings have picked up significantly, EPS is on target to increase by 479% this year based on half year performance and the dividend will likely increase at the same magnitude (if only slightly less). It is a no brainer from this perspective. Historically the second half has been pretty good too.
The only question I have is on the Fund Manager profit share expense. While I believe Fund Managers should be paid for what they earn, at Pengana they seemed to take about 35% of the performance fees from the half year. Do you know why this is? It is a bit more than the 10% above a high water mark plus 6% as stated in the underlying funds.
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