Hi @Moonshine66 I just want to understand the underlying business of Magellan more and see holes in its story. Keen for you to not lose more money too. Platinum outperformed Magellan by 2.5 times last year, the underperformance thesis is better for Magellan to compare against GQG (Magellan underperformance was only 2.2 times GQG). Regarding fund flows, appears the retail market are switching to Pinnacle boutiques. Pinnacle increased retail FUM by $2B last quarter. A lot of this would traditionally flow to Magellan. If you take GQG out of the picture, Magellan has a much lower performance in last quarter even against Perpetual. It only outperformed Platinum for the whole quarter. AEF, GQG, Pendal, Perpetual and Pinncale outperformed.
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