IFL -8.5%: The weath manager provided a trading update today and while they sighted growth in funds it was market gains (+$5bn) that did the heavy lifting, overcoming around $2.3bn in outflows for the 3 months to September 30. They also changed some methodology around how they report funds under advice as they continue to harmonise the significantly expanded business. This is all still a work in progress with a lot more to do and it’s easy to see why the market has sold them off ~8% today given the outflows mentioned above, particiuarly when we put the IFL experience up against the independent platforms like HUB and Praemium. Having said that, we own IFL in the MM Income Portfolio from ~$3.60, we are backing the turn around that’s underway however we need to remain realistic on the task at hand. It’s complciated, is not a quarterly proposition however the stocks is priced accordingly.
MM remains a holder of IFL in the Income Portfolio
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