PNI +7.63%: a very strong day for the investment manager, announcing they expect $10m in performance fees to come their way from the 2nd half. Performance fees for FY22 across their suite of affiliate funds is expected to hit $57m for the previous financial year, a very strong result given the weakness across most asset classes. The market had all but written off the chance of any performance fees in the second half given the broad weakness in financial markets so today’s announcement came as a surprise. A small positive investment performance figure of $100k from their investments is also expected to be booked come FY22 report in early August.
MM remains bullish and long PNI in the Emerging Companies Portfolio
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