GDG –22.6%: Posted a softer-than-expected 3Q update, with funds under management growth coming in below expectations and triggering a sharp reset in sentiment. The stock is now roughly 50% below its October 2025 highs.
- Evidentia FUM: $34.8bn, +0.9% q/q
- Generation Life FUM: $5.33bn, +35% y/y
- Generation Life net inflows: $310m
The disappointment centred on Evidentia, where FUM growth missed forecasts amid platform transition delays linked to Xplore and ASX:HUB, alongside adverse market movements. Despite this, the business still generated $1.4bn of net inflows during the quarter, including a mandate worth roughly $300m.
Generation Life remained a bright spot, with quarterly record sales reflecting continued adviser engagement and growth in the direct bonds business.
While FUM growth was softer than expected, March was a challenging period for markets broadly, which likely weighed on flows and asset values. With the stock now significantly off its highs, the recent sell-off is starting to make GDG look increasingly interesting at these levels.
