FuM grew by 2% in Q4 to $1.9bn. Modest outflows in Magna were offset by a new institutional mandate. Management fees were in line with our forecasts but performance fees lower than expected. We understand that the impact from this has been mitigated through cost control, as well as a lower minority charge on OCCO. We forecast a reduced FY15e loss per share. We believe that the current 1.0% EV/FuM does not reflect the value of the group infrastructure and performance track record.