Record had previously reported FY15 growth in assets under management equivalent (AUME) and client numbers. Full year results show that revenues and profits also grew slightly faster than we had forecast, and the 10% dividend increase was a positive surprise. Backed by a solid base of passive hedging mandates, Record appears well placed to grow its higher-margin dynamic hedging and currency for return products. Increasingly divergent global monetary policies have raised awareness of both FX risks and opportunities among existing and potential clients with continuing high levels of engagement. Although we have not included new inflows in our forecasts, Record is attractively rated compared with other asset managers, offers an attractive yield and is financially strong, with cash and marketable securities around 35% of its market capitalisation.