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4/09/21 12:59PM
Anyone following?
Seems like this should be a secular loser (active -> passive; fee compression; outgrown their "niches"), but the stock has returned some 75%+, and it's trading at 20x 2021 consensus, which itself is 20% above... login to read the rest
You're welcome.
I estimate 30% of 2016 earnings based on the revenue disclosed and almost no direct costs, as the Japanese funds are managed by the same investment team that manages CNS's other funds.
I agree, that high-payout
First off, thanks for the excellent writeup, the Japanese angle is very interesting.
On Japan, how are you getting your 30% of profits estimate? I know it's higher margin but the whole business has over 40%... login to read the rest
Hi,
1. Their AUM has been growing but that is because of appreciation. Excluding appreciation their AUM was down 24% from the end of 2011 to the end of 2015, was up 3% in 2016, and... login to read the rest
thanks for the idea, very interesting. a few questions:
1) CNS claims 12 quarters of "organic growth", which seems to mean inflows. they seem to be taking in a fair amount today... so i guess the... login to read the rest
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