GDG has released its FUM update for the quarter ended March 2021. It was a very strong quarter overall, with record sales of A$105m, up 52% on pcp and 24% sequentially, in what is historically GDG’s seasonally weakest period. We lift our GDG FY21F/FY22F EPS by 1%-5% on an increase to our sales assumptions in all years. Our PT rises to A$1.03 on our earnings changes. We believe GDG remains well positioned to execute a compound earnings growth story over time. ADD maintained.