Ann: Funds Under Management - October 2021, page-40

You make very good points @xFireStorMx,
Important to remember most advisers use a variety of managers, often an allocation to higher growth (think Hyperion, WCM ect.) and an allocation to more defensive (Magellan, Fundsmith), if magellan underperformed in a very strong market rally it isn't a major concern as other managers with higher beta portfolios will outperform. However, if magellan underperformed in a bear market it would be a concern, magellan has outperformed in every market decline to date and broadly achieved its stated objectives. The fact that they haven't lost a single mandate in this period of underperformance exemplifies this.