May FUM is the first leg of a tfirecta.
I expect second leg to be sufficient benchmark outperformance in May to restore outperformance on all bases: ie 1 mth, 3 mth, 6 mth, 1 yr, 3yr, 5yr and from inception basis. That will be great news for marketing and fresh client appeal.
And the third leg? Well, if June investment performance holds up, it wouldn't be too much to hope for a return to material performance fees (a few mill should already be in the bag from the High Conviction fund).
News: MFG Magellan Financial Group says as at 31 May, total FUM was A$52.21 bln, page-4
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