Ann: Institutional Inflow, page-4

Hi PD

Yes, I can see how I misinterped the AEF release.
I would admit I mainly have a position here because they only have measly 1 million shares on issue and are approaching $100 per share lol.
Whilst they maintain a strong growth in FUM I am hanging on because ultimately profit generation will catch up.
IMO profit margins will never go back to previous levels. They have dropped their fee % rate in the last 12 months (to be more competitive) and on top of that were advised that their back office staffing/systems had not been increased/improved to match the growth of the business (this was seen as one of the causes behind the unit pricing problem).
I will continue to hold well into the next FY to see how the books look after the unit pricing issue is in the rear vision window.

Gosouth