"Having watched the US$8.6 billion global funds management business of HFA Limited (ASX:HFA) for many years we have always held the company in high regard with its quality management, long term performance track record and sticky loyal investors but with only anaemic fund inflows we have waited on the sidelines. With fund flows now growing again, around $1billion of net flows arrived over the last twelve months, and the company being a strong beneficiary of the falling $A, we expect strong profit growth over coming years. The stock trades on a PE ratio of less than 10 times next year’s earnings, is paying an expected dividend yield of close to 7% and has no corporate debt." Steve Black, Fund Manager, Pengana Emerging Companies