The quarterly for this one caught my eye yesterday and am interested if anyone knows more about them?

They listed in Jan 2012 and are the fund manager for a number of alternative investment funds. Listed at $1, currently trading (very illiquid) at 80cps. Quite a lot of escrowed shares that probably don't show up on some databases yet, as they don't seem to have issued an up to date 3B showing them - but I think 32.5m shares on issue going off the distribution schedule.

This seems to be the longest standing fund: Blue Sky Apeiron Global Macro Trust
Performance looks good, although maybe not so much in recent months when it may have underperformed.

Given the relatively low market cap ($26m) and possible growth in Alternative Investment vehicles, it seems like an interesting fund manager. Last quarterly also showed some growth in revenue and potential for cash generation.

However, I am surprised they don't seem to have updated the market (or their web-site) on their AUM/FUM, and any figures still refer to the $180m that was included in Nov/Dec11 prospectus. They were forecasting (prospectus) AUM to be $298m by 30 June 2012, but I am dubious given the lack of announcements or news.

Also, I suspect they are trading well behind their prospectus forecast but have not updated the market on this - they were forecasting nearly $10m in management and performance fees, with NPAT of $4.8m (inclusive of a $1.745m one-off gain). This compares with actual cashflows reported for the 12 month period of $4.88m receipts and ($1.8m) op cashflow. I'm sure fee receipts are lumpy, so it may not relate closely, but there does appear a stretch, particularly given the macro trust performance looks to be below benchmark in last quarter. However the Private Equity fund possibly accrues fees that are not received until sale of assets, so that could also create distortion between P&L and cashflows.

Interested as to whether anyone has any knowledge of them and how they are perceived within the australian funds industry?