PPS +2.16%: 1Q23 result out today that was marginally ahead of estimates, with net inflows positive at $659m. Total Funds Under Administration (FUA) achieved $41.4b, up 3% on the same time last year, which is a good outcome given ASX200 0.8%. A big positive was still robust quarterly inflows – the best for three quarters since 2Q22 – offset my market revaluations of -$159m. Overall, a solid 1Q23 result although it’s unlikely that we’ll see any material changes to FY23 numbers.
MM remains long & bullish PPS
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