HUB –8.33%: Posted a softer 3Q update, with platform net inflows declining year-on-year as gross inflow momentum slowed.
- Platform net inflows: A$3.98bn vs. A$4.94bn y/y (-19%)
- Total FUA: A$151.74bn, +22% y/y
- Platform FUA: A$127.83bn, +25% y/y
- Platform gross inflows: A$7.81bn, +2.5% y/y
- Advisers on platform: 5,549, +11% y/y
HUB has been caught in the crossfire of the AI disruption trade, selling off alongside the broader software complex as investors rotate away from perceived tech-adjacent names. After a strong recent bounce, today’s softer update is likely to give some holders reason to take profit in the near term.
Despite the sell-off, the key swing factor for the stock remains the pace of net inflows through volatile market conditions. The longer-term case remains intact — the underlying platform growth is solid, adviser numbers continue to build, and the structural shift toward managed accounts and independent advice is still very much in motion.
MM is cautiously bullish toward HUB
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