His numbers are indeed very wrong.
He has me muted, I've had this debate with him before. He still doesn't seem to understand the difference between flows and Fum growth.
The most obvious error is his currency conversion.
1. He assumes all Magellan funds are unhedged, they aren't, in fact a lot of the portfolio is hedged. I don't have the exact %, but nobody does.
2. He has assumed the portfolio based on previous portfolio update percentages. These numbers are very old, and we have no way of knowing exactly what % is in each stock, what was bought what was sold, what is hedged and what isn't.
If half the portfolio was indeed hedged, his numbers are 50% wrong. If there was any rotation in the portfolio, his numbers could be 100% off.
The only way to know is to get the actual Flow numbers from magellan, which they aren't providing.
Ann: Funds Under Management - November 2021, page-82
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