The thing is - I totally accept the under performance of the Magellan funds - it’s undeniable. But at the end of the day this is a sharemarket game and you have to ask yourself whether there is any disconnect between the share price and the performance of the underlying funds (or, more importantly, the assumptions around future performance)
I think MFG has been oversold - the sp punished beyond what the FUM underperformance warrants. Just my personal view of course.
Conversely, GQG floats at $2 - a price set based on recent glory. Hard to maintain that sp let alone grow it. A well timed float on their part. So at $2 overvalued. Just my personal view of course although given its trading right now around $1.94/$1.95 this view would appear to be supported by the market.
MFG Price at posting:
$35.47 Sentiment: Buy Disclosure: Held
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