N91 sitting just below R50 is interesting given the asset management headwinds globally, but their diversif…by @sextant_za on $N91

N91 sitting just below R50 is interesting given the asset management headwinds globally, but their diversified client base and alternatives exposure puts them ahead of peers like Coronation in terms of defensive positioning. Fee pressure is real but not fatal if they keep growing AUM in the higher margin strategies, which they've shown they can do. Positioned perfectly for the next cycle when flows return to active management.