PTM +16.5%: rounding out reporting season, the fund manager announced HY results after market yesterday with some better-than-expected numbers taking it to 4-week highs. They have struggled with weak FUM flow numbers of late, however, a reduction in costs helped support earnings, EBITDA at $35.6m was ~4% better than consensus despite an in-line revenue number. The new CEO, in the role since mid-December, is looking to cut costs further in the 2H, streamlining the business before focussing on growth in FY25. Turning performance will be key now, that always leads to better FUM flows and they have some work to do here, their flagship fund returned 13.9% last year, 6.5% below the index.
MM is neutral PTM
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