Platinum Asset: Interim result 2012

Platinum ticks all the boxes as an excellent business in an attractive sector, but we'll have to be patient for another entry point.

Fund management companies have some of the simplest accounts: they have a pile of money on which they earn a percentage fee, and they have salaries, marketing, rent and some admin fees to pay. If you take one from the other, you’re left with a profit (and you probably won’t be far from the free cash flow).

In Platinum Asset Management’s interim result, the pile of money averaged $15.2bn (down 6.2% from an average of $16.2bn in the prior period), the fees came to $102.7m (down 6.6% from $110.0m) the costs were $19.4m (down 4% from $20.2m).

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