Blue Sky has just announced a 130% increase in 1H17 NPAT to $10.1m, and a 59% growth in assets under management to $2.7bn over the pcp. This impressive result has been driven by Blue Sky’s unique asset class offerings that include Private Equity, Real Assets (largely water rights and agriculture), Private Real Estate, and Hedge Funds. Importantly, this momentum is forecast to continue with full-year company guidance of an FY17 underlying NPAT of $24-26m and AUM of $3.1-3.3bn. Since listing in 2012, Blue Sky has established an enviable history of regularly beating market expectations. Not surprisingly, investors have been well rewarded with a share price that has risen 100% in the past two years. However, we suggest there is plenty more upside for this business and highlight five reasons why Blue Sky should be seriously considered as a core portfolio investment.