Premier Miton has reported continued net outflows, with US and European funds seeing the greatest redemptions. A product of continuing risk aversion and rotation away from growth. This was well trailed at the Final results in early December, so comes as little surprise, with the AuM little different from the November update provided at that stage. We do not expect any material change to expectations. We continue to think that the shares remain relatively fully valued at ~12x PER (post-SBP) and remain at HOLD.