MFG in the BUY zone, page-154

outflow in June y/e was only 300m on 113B. If St.James took money out , some one else has put money in. outflow of 300m at the top of the poor performance period of MFG is nothing on 113B. In today’s article by Versha, from AFR, she quotes an analyst named Elizabeth, I presume from Jarden. Plenty of assumptions on what could happen if underperformance continue. That is not a new information. We all know it all depends on FUM performance. As we have discussed many times over, bad performance compared to indexes was only during Covid period, even then it was 11%annum, not as good as the rest of the market. As my previous email shows since then , February 21 onwards MFG has out performed. Elizabeth has not mentioned anything of that. On published numbers of MFG up to now on FUM , nothing of that sort of what can happen has not taken place. We can go by only the facts published, unless she has more information than the public is aware. Obviously the inflow would have dried up during bad performance period. It is not any longer, therefore I am questioning Elizabeth’s logic. Even this quarter I expect to have some outflow, until such time investors realise MFG is out performing the market again as before.