Yesterdays sell off seemed a little overdone based on the FUM update which suggests maybe news of the CEOs resignation had got out and is partly priced in (not that I think there’s much to ‘price in’ - is it really that big a deal ?)
Nearly all of the major Magellan holdings traded strongly on the US market last night......The stronger ones being :
Facebook up 3.59% Yum Brands up 3.24% MasterCard up 3.48% Visa up 3.24% SAP up 2.80% Reckit Benckiser up 2.48% Alibaba up 10.4%
....so hopefully that overrides the CEO news and we have a green day.
Still firmly of the view that MFG is oversold on negative sentiment and is good buying at these levels.
MFG Price at posting:
$31.08 Sentiment: Buy Disclosure: Held
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