@LarryWink My understanding is that the performance cited here is about the platform that runs Smallcases, and not the performance of smallcases it hosts.
Their areas of income should be subscription and commission from the Investment Managers. I don’t think it is connected to the AUMs managed by the managers.
They have recently converted some of their free smallcases to paid ones. I guess the results will be visible in the coming years.
I suppose they continue to develop the smallcase platform; hence most of the expenses are due to manpower (software development).
FY23 was good for investors, but “smallcase” platform might show better results going forward.
This is how I interpret the results.
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