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PACIFIC CURRENT GROUP Tacoma // Denver // Sydney // Melbourne p Company Announcement for Immediate Release ( ASX Code : PAC ) PACIFIC CURRENT GROUP HALF YEAR RESULTS Six months ended 31 December 2020 26 February 2021 SYDNEY ( 26 February 2021 ) - Pacific Current Group ( ASX : PAC , " Pacific Current " or " Company " ) is pleased to report the Company's interim results for the six months ended 31 December 2020 . HIGHLIGHTS • Management fee revenues grew 10 % and operating expenses declined 24 % • Widespread growth , led by GQG , resulted in 23.9 % FUM increase . Underlying NPAT attributable to members for the half year of A $ 11.6m , down 13.4 % compared to A $ 13.4m in the previous corresponding period ( " pcp " ) • Lower performance fees and appreciation of AUD Vs. USD impacted on the result • Fully franked interim dividend of A $ 0.10 per share • New investment announced in Astarte Capital Partners ( " Astarte ” ) and Seizert Capital Partners ( " Seizert " ) was sold OPERATIONAL RESULTS Underlying NPAT attributable to members for the half year was A $ 11.6m , down 13.4 % from A $ 13.4m in the pcp . The profitability decline was driven by a decrease in performance fees from Carlisle Management Company ( " Carlisle " ) and Victory Park Capital ( " VPC " ) , appreciation of the AUD versus the USD , and to a lesser extent , lower commission revenues . Partially offsetting this was a 10 % growth in management fee revenues and a 24 % decrease in underlying corporate expenses compared to the pcp . The appreciation of the AUD against the USD also significantly impacted the result . Had the pcp exchange rate prevailed , underlying NPBT would have been A $ 0.9m higher . PAC posted a statutory profit after tax of A $ 11.6m compared to a loss of A $ 8.9m in the pcp . The reported loss in the pcp was due to impairment expenses , primarily at Seizert and VPC . The current period results include gains on the revaluation of fair value assets including Carlisle and Proterra Investment Partners ( " Proterra " ) . DIVIDEND The Board has declared a A $ 0.10 fully - franked interim dividend payable on 15 April 2021. This dividend represents a 44 % dividend payout ratio . The firm's guidance for the full year dividend payout range remains 60 % -80 % , and PAC expects its FY21 payout ratio to be no less than the prior year . PORTFOLIO COMPANY HIGHLIGHTS Total funds under management ( FUM ) at 31 December 2020 were A $ 112.8b , a 23.9 % increase since 30 June , adjusting for the November sale of Seizert . The non - AUD denominated FUM saw a 40.0 % increase from June to December . Pacific Current Group Limited ( ABN 39 006 708 792 ) Level 29 , 259 George Street , Sydney NSW 2000 Australia www.paccurrent.com Tel : +61 2 8243 0400 // Fax : +61 2 8243 0410