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Weekly Broker Wrap: Oz Fund managers mixed fortunes; inflation jitters unwarranted; media rides ad recovery; Oz housing continues strengthening
-ASX-listed fund managers trading at a -30% discount to all industrials
-Australian companies have cited a stronger inflation pulse in recent weeks
-Corporates believe rising costs can be mitigated early in cycle without impacting profitability
-Regional houses have stronger growth than capital cities in annual terms at 13.0%
By Mark Story
Oz fund managers: Mixed bag for March quarter
Positive markets and foreign exchange movements in the March quarter may have lifted funds under management for the sector at large, but at the fund manager level there was a mixed bag of flow performance. ASX-listed fund managers including Janus Henderson ((JHG)), Magellan Financial Group ((MFG)), Pendal Group ((PDL)), Perpetual ((PPT)), and Platinum Asset Management ((PTM)) average one-year forward earnings of 15.3x are -3% below the five-ye
Deal-hungry Perpetual eyes performance fees
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Perpetual chief executive Rob Adams is exploring ways to introduce performance fees to funds in his expanded global investment management empire, and remains open to merger and acquisition opportunities.
He trumpeted Barrow Hanleyâs core offering: the global value equity fund which delivered a return of 65 per cent over twelve months. That, he said, compared to around 4 per cent for Magellanâs global fund over the same period.
âWe have a terrific performance story to be taught to the market across the board,â he told attendees at the conference.
The numbers, he added, supported the notion that the rotation in equity markets from growth stocks to value, has been in its early stages. Over the last 80 years, when value has made a comeback relative to growth investing, the comeback period has lasted for an average of 6.9 years.
Perpetual assets rise despite $1.2bn outflows
Perpetual assets rise despite $1.2bn outflows
Perpetual managed a sizeable uptick in assets under management over the March quarter, with the group continuing to branch out its operations overseas.
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Perpetual gave its third-quarter business update on Friday, where it revealed its total assets under management (AUM) sat at $95.3 billion at the end of March, rising from $89.2 billion at the end of December. The increase occurred despite $1.2 billion in net outflows during the quarter, overwritten by $6.5 billion coming in from market performance and other movements.
Perpetual Asset Management International’s total AUM, which included the recently acquired US groups Trillium Asset Management and Barrow Hanley Global Investors, rose by 8 per cent during the three months to March, to $71.6 billion. Market performance has offset $892 million in net outflows from the international segment, mostly from the institutional channel.
By Alex Druce
Shares in e-commerce firm Kogan.com were down more than 11 per cent in early trade as investors dumped the firm in the wake of a soft quarterly trading update.
Kogan - which soared during the pandemic - fell to an 11-month low $11.02 after it reported that sagging customer demand during the March quarter led to higher-than-expected storage expenses and a reduction in adjusted earnings.
Kogan said it had been increasing its promotional activity to improve its inventory position.
Kogan.com CEO Ruslan Kogan.
Credit:
âWhile short-term trading conditions can fluctuate, we remain focused and committed to our long term vision,â founder and chief executive Ruslan Kogan said.