Perpetual (PPT) +0.35%; released Funds Under Management (FUM) for the quarter this morning with outflows in equities offset by inflows into fixed income products, all in all total FUM ended the month at $26.3b, an increase of $200m. Shares were higher today, but still underperformed the broader market which is uncharacteristic of how Perpetual normally trades on an up day. It shows the result was a touch behind what the market would have liked. FUM growth remains key and it did grow, even if it was just +0.75% it’s hard to take today’s announcement as a negative. We like PPT given it is reasonably priced vs historical metrics and continues to pay a good dividend.
Perpetual (PPT) Chart