Perpetual seems to have regained some of its poise over the past month, since our update on its September quarter fund flows, with its share price up 9% in spite of a flat market. There didn't appear to be much in the AGM statement released on 5 Nov and, for want of anything else, the change seems just to reflect an improvement in sentiment (while the big banks and miners, specifically, have been holding back the overall market). The change also makes the stock a little more expensive, though, and takes it past our Buy price, so we're downgrading back to HOLD.
Note: The Intelligent Investor Growth and Equity Income portfolios own shares in Perpetual. You can find out about investing directly in Intelligent Investor and InvestSMART portfolios by clicking here.