CNI -5.56% Out with 1H23 results this morning (3mins before mkt open which is ridiculous), and there were some swings and roundabouts in the numbers. Operating earnings per security (OEPS) of 7.4c and a 1H Dividend of 5.8c was inline with expectations while they maintained FY23 guidance for OEPS of 14.5c and distribution of 11.6c. Performance fees were a positive while total Assets Under Management (AUM) was strong, and ahead of our expectations. The main negative in the result was higher funding costs which came in at $15.6m for the half versus $8.4m in the 1H22 while asset values were down ~$100m, which seems very light on considering their total AUM – need to seek some clarification around this.
MM remains long & bullish CNI in the Income & Emerging Companies Portfolios
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