I'm a holder but I'm still very cautious of what's happening -...

I'm a holder but I'm still very cautious of what's happening - from a fundamental perspective. Nothing to be happy about when SP goes up and nothing to be sad about when SP goes down in lieu of any fundamental changes.

The fees HUB24 charges can be found in their docos e.g. http://www.hub24.com.au/content/downloads/financialservicesguides/0205-0213dy_IDPS_Guide-Web_Secured.pdf

If we only consider the utility pricing portion (admin / custodian fees) and assume all accounts in FUM are less than $250k, a FUM of $400mil will yield ~$2mil in revenue. We don't know how the transfer from Wilson HTM is going, but even without discounting that'll put them to upwards of ~$8mil revenue based on a FUM of $1.6bil.

I believe they will continue to make losses for a year or two at least. Hopefully they'll put themselves far ahead of the pack to maintain that competitive lead.

Having said that, I guess everything is reflected on the technicals. I'm not going to complain about the gains HUB has made!