I must admit that I regularly find some of the half and annual...

I must admit that I regularly find some of the half and annual reports and monthly inflow/outflows a bit confusing.......probably because I'm no where near as smart as Hamish Douglass and I like to wait until the video of his presentations are up on the investor's website so that I can listen to his explanations.
These presentations are VERY VERY worthwhile listening to. He is a very smart man and he is attuned to investors in MFG.....note how quickly the dividend is paid (divvy is in your bank acct. 15 days after day of reporting), I'm sure no other company is quicker !!

Getting back to the published report and insto inflows........as I said a little confusing to me but what seems clear is that total FUM growth (year on year) is up 27%...........pretty damn good in a low growth environment. The bulk of this increase is in retail while insto FUM growth is 7 %, so yes, one could argue that insto inflows are underwhelming and seem to be slowing ....$1.8Bn net inflow vs $3.8Bn in 2015.
Roughly 70% of FUM is insto and 30% in retail and growing. The report seems to indicate a bias for growth in the retail sector AND I think I recall in previous presentations that margins are higher in retail than instos.

As far as the future is concerned it seems that EPS growth is slowing overall after a phenomenal few years, but I wouldn't bet against Hamish Douglass to under promise somewhat and over deliver........so, I'm holding.