Ann: Dividend/Distribution - AEF, page-2

Interesting report. Usually an outlook comment is posted, but not this time. Not the greatest omission though because it normally has wishy washy comments. Additional staff expenses a bit heavy with almost $3M extra for the 6 months. That is balanced off with no comment about the need to get extra staff in 2fy18. However, that other announcement about an assistant secretary for Tom May was, I hope, the last of a long range of announcements about additional staff. Really, is it that much harder to manage $1B than $2.6B. Would like to compare staff numbers versus FUM over time and compare that to other minnow fund managers.

Was still reasonably happy with the report. The increasing staff costs and some drop off in growth of in flows might curtail any management fee reductions in 18/19. Remember the shareholders!