1. It’s at record FUM of $84 billion, so it starts FY17 in a strong position; 2. The company is experiencing positive net-flows, with over $4 billion in FY16 and with the December quarter already locking in positive $2 billion; 3. There is margin expansion occurring across the group, accelerating the earnings growth; 4.The company is still launching new funds, with capacity enough to double the total FUM across the group over the coming years; and 5. And lastly it’s cheap. It’s on 15x FY17 PE, with double digit EPS growth expected to continue over the foreseeable future. Our last research report is attached.


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