CapMan reported Q2 performance behind our expectations driven by a miss in fee income. At first glance, the decline in fee margin remains unknown to us. With fair value gains also somewhat lower than expected, the miss on EBIT line is clear. However, AUM continues to rise following the first close of flagship funds, which look to be on way to their target size by 2027. All in all, the first read is a bit on the negative side and more colour on fee margin volatility is needed.
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