Perpetual Limited

PPT Details

Perpetual Limited’s (ASX:PPT) funds under management (FUM) declined by $1.5 billion to $31.4 billion over the prior quarter as at 30 June 2017. The company witnessed a net outflow of $1.0 billion for the quarter, while total average FUM for the three months to 30 June 2017 stood at $32.5 billion.


FUM and flows by asset class; (Source: Company reports)

The decline in FUM of $1.5 billion was mainly attributable to $1.0 billion of net outflows during the quarter which comprised of $0.3 billion of net outflows from Cash and Fixed Income primarily from the Institutional channel; $0.7 billion of net outflows from Australian Equities from the Institutional ($0.4 billion), Intermediary ($0.2 billion) and retail ($0.1 billion) channels. Further, 2.4% fall in the All Ordinaries index led to decrease in FUM by $0.1 billion, while the outflow for distribution payment to clients (net of automatic re-investments) was $0.4 billion. Over the past twelve months, the stock has moved up by 23.7% as on 21 July 2017, and currently trading at elevated levels. We give a “Sell” recommendation on the stock at the current price of $52.06


PPT Daily chart; (Source: Company reports)

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