9 August 2026

Recently trending

The strange effect of the 30% minimum capital gains tax Does your will qualify for the discretionary testamentary trust exemption?Ranking three common retirement strategies Are you making these SMSF mistakes?Why Australian shares are falling behind the world

Rob Henshaw: "When I open my computer each day it's the first link I click - a really great read."

Noel Whittaker, author and financial adviser: "A fabulous weekly newsletter that is packed full of independent financial advice."

Reader: "I subscribe to two newsletters. This is my first read of the week. Thank you. Excellent and please keep up the good work!"

Professor Robert Deutsch: "This has got to be the best set of articles on economic and financial matters. Always something worthwhile reading in Firstlinks. Thankyou"

Reader: "Carry on as you are - well done. The average investor/SMSF trustee needs all the help they can get."

Reader: "Best innovation I have seen whilst an investor for 25 years. The writers are brilliant. A great publication which I look forward to."

Reader: "Congratulations on a great focussed news source. Australia has a dearth of good quality unbiased financial and wealth management news."

Reader: "The BEST in the game because of diversity and not aligned to financial products. Stands above all the noise."

Reader: "Love it, just keep doing what you are doing. It is the right length too, any longer and it might become a bit overwhelming."

David Goldschmidt, Chartered Accountant: "I find this a really excellent newsletter. The best I get. Keep up the good work!"

Eleanor Dartnall, AFA Adviser of the Year, 2014: "Our clients love your newsletter. Your articles are avidly read by advisers and they learn a great deal."

Ian Silk, CEO, AustralianSuper: "It has become part of my required reading: quality thinking, and (mercifully) to the point."

Reader: " Finding a truly independent and interesting read has been magical for me. Please keep it up and don't change!"

John Pearce, Chief Investment Officer, Unisuper: "Out of the (many many) investmentrelated emails I get, Cuffelinks is one that I always open."

Reader: "An island of professionalism in an ocean of shallow self-interest. Well done!"

Reader: "I can quickly sort the items that I am interested in, then research them more fully. It is also a regular reminder that I need to do this."

John Egan, Egan Associates: "My heartiest congratulations. Your panel of contributors is very impressive and keep your readers fully informed."

Reader: "Great resource. Cuffelinks is STILL the one and only weekly newsletter I regularly read."

Reader: "Keep it up - the independence is refreshing and is demonstrated by the variety of well credentialed commentators."

Don Stammer, leading Australian economist: "Congratulations to all associated. It deserves the good following it has."

Reader: "It's excellent so please don't pollute the content with boring mainstream financial 'waffle' and adverts for stuff we don't want!"

Reader: "Is one of very few places an investor can go and not have product rammed down their throat. Love your work!"

Scott Pape, author of The Barefoot Investor: "I'm an avid reader of Cuffelinks. Thanks for the wonderful resource you have here, it really is first class."

Steve: "The best that comes into our world each week. This is the only one that is never, ever canned before fully being reviewed by yours truly."

Andrew Buchan, Partner, HLB Mann Judd: "I have told you a thousand times it's the best newsletter."

Jonathan Hoyle, CEO, Stanford Brown: "A fabulous publication. The only must-read weekly publication for the Australian wealth management industry."

Ian Kelly, CFP, BTACS Financial Services: "Probably the best source of commentary and information I have seen over the past 20 years."

Home / Noticeboard 2022

Cromwell

25 August 2022

Cromwell continues pivot to capital light fund manager

25 August 2022 - FY22 Results Overview

Statutory profit of $263.2 million (FY21 $308.2 million) equivalent to 10.05 cents per security (FY21 11.78 cents per security);
Operating profit of $201 million (FY21 $192.2 million) equivalent to 7.68 cents per security (FY21 7.35 cents per security);
FY22 distributions per security of 6.5 cents, for a payout ratio on operating profit of 85% and 98% of Adjusted Funds From Operations (AFFO);
Net Tangible Assets of $1.04 (FY21 $1.02);
Gearing reduced to 39.6% (FY21 41.8%), within Cromwell’s target range of 30-40%;
Total assets under management stable at $12 billion (FY21 $12 billion);
Mr Jonathan Callaghan commenced as new Chief Executive Officer; and
Revised vision and strategy to support a more capital light funds management model.

Download full media release

25 August 2022

Firstlinks is sponsored by:

Alliances

Site Map

About Firstlinks

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.