Anchor Capital results were as bad as the trading update suggested. HEPS was off almost 40% at 22c for the six months. At the beginning of last year I had expected the group to reach HEPS of maybe 100c for this financial year. Now it will need to sweat to get half of that. The reasons include lack of fund performance in its funds; that means less performance fees hurting profits as costs stay largely flat. I had been very bullish on this stock but it has disappointed and needs to start delivering on results. One easy way to see what future results could be like is to watch Anchor’s managed funds. Are they growing in size, and importantly, are they beating the benchmarks and hence earning performance fees? If not, stay away for now. My preferred pick in this space would be Coronation with its very strong dividend yield.