A rare 10 and 10, page-12

How do you know that they are finding it harder to grow FUM? Doesnt their FUM growth come from both institutional and retail investors who would look at the dividend stability over the last 18-24 months and see that a 12% + return is worth investing in - and this in fact becomes a positive feedback loop. As for looking in the rear view mirror - that applies to every stock in every sector. Only the novice investor thinks that past performance is a guarantee of future performance. But for the rest of us filling the spectrum of beginners to experts, it's a valuable place to start for long-term value investment.