I really don't understand all the confusion around the slide. Seems pretty straightforward to me.
Countless other fund managers have performed extremely well throughout the pandemic and seen record inflows. Whether you're a retail/insto investor, why would you not park your money elsewhere if theyve underperformed over numerous timeframes?
Also, the funds are hardly positioned 'conservatively' with significant exposure to US tech, China and emerging markets - potentially more susceptible to some of the volatility we have seen in Sep/Oct.
Finally, no doubt there seems to be some payback from the Barrenjoey fallout, with all the Sell ratings we're seeing from brokers.
These are the three key factors in my mind.
MFG Price at posting:
$32.94 Sentiment: None Disclosure: Not Held
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