I've been in two minds with this one for sometime. Constant fee reductions and constant expense surprises offset by ongoing positive surprises with the strength of FUM growth even in a poor market.
As you say Andrix, H2 should be stronger as they will have higher FUM further offsetting the effect of the H1 fee reduction.
Looking out to FY17 and assuming an average FUM of around $1.6b and another fee reduction, I can still see value at $62. I increased my holding before the $62 seller had read the announcement.
AEF Price at posting:
$64.00 Sentiment: None Disclosure: Held
