Perpetual: Result 2015

Perpetual's fund flows appear to have stabilised, although we're yet to see the impact of the recent market gyrations.

When we upgraded Perpetual in Pulling the trigger on Perpetual on 19 Sep 13 (Buy – $38.72), we explained how investing in fund managers was a bit like trying to hit a moving target – well, Perpetual has been putting us through our paces this week. After cutting Perpetual’s price guide on Tuesday due to the market’s 10% fall in three weeks, we sat back and watched it recover most of the ground in three days.

Perpetual, for its part, threw in a good-looking full-year result yesterday, to bring its gains to 17% since Tuesday’s low of $37.25 and 13% since our article. There’s nothing in the book that says this has to be easy.

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