AEF how high??, page-2

Well, you have a microcap stock which as a fund manager is a leveraged play on the markets. Sure they have done well as Ethical/SRI investing has gained greater traction. But they need to maintain Funds Under Management (FUM) growth. They are coming off a low base, so results are amplified somewhat. In addition, while their individuals funds have done pretty well, you get a free kick when dealing with a (relatively) small fund base, so you would reasonably expect to get some return erosion as they grow. Also, a caution would be their PE, which looks pretty full compared to other listed fund managers.

Short version, yes, well worth a look. But don't expect future results to mimic the past on this one. Their level of transparency (as a fund manager) is poor imo. I suspect that without some overhaul of process, their ability to maintain growth is going to be constrained. Certainly worth keeping an eye on however.