Capman provided a solid Q4 with management fees taking significant step-up from Q3 and topping our estimates. Yet, also the costs were somewhat higher and the fee profit was slightly ahead of estimate. The year end AUM was slightly behind our estimate with strong performance in Real estate, but the net of Natural Resources new fund and old fund exit was less than we had input. DPS in line. Overall, the first read is neutral to slightly positive.
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