Ann: Appendix 4E and Annual Report - 30 June 2018, page-4

$5.219m profit first half
$5.2m profit for the full year
So a loss in the second half.
P/E and EV/EBITDA are misleading.
Only thing keeping this up is performance fees
FUM has gone down every month (I think) since new distribution team was put in and probably a similar experience for the prior distribution team
Performance is below all relevant benchmarks across all funds
Sure if they can get inflows it looks cheap but there are lots of other funds performing much better and the cash position is a drag on performance.
Catch 22, protect capital on the downside but FUM is lower and no performance fees
Carry cash on the upside and underperform the market which could result in outflows continuing and lower chance of reaching performance few hurdles.