Charlemagne has published interim results. Poor EM benchmark performance in Q3 has impacted Charlemagne’s FuM (-8% Q3 to end of August). However, net subscriptions have continued in Q3 and the board has maintained the 0.5USc interim dividend. The group has $25m cash/liquid assets on the balance sheet which represents 58% market cap. Charlemagne offers a 6.8% yield and is well positioned to deliver strong performance when EM sentiment improves.
