Hi @PeterOnWestbury
My number one concern has always been investors who have made an investment in Magellan without considering the slowing down of FUM growth and the over valuation of the business (to begin with last August) which has now come down a bit below what it would be worth if Magellan had been able to retain FUM. I haven’t just focused on comparison to PAC and GQG, it has also been to compare PTM, PNI, AEF, PPT and PDL, other ASX listed fund managers.
If you look at all of my posts I have definitely commented on one month performance of GQG , but I guess you have just read what you wanted to read. I also did point out it wasn’t as much of a fall as Magellan in USD terms - remember you did raise the point.
In terms of the excel spreadsheet you posted above, you are missing what the numbers will be after the St James Place FUM loss. The FUM loss ranges from $18.6B to $23.3B. Unfortunately a ten year performance doesn’t carry much weight when FUM is leaving at such a rapid rate, particularly when the CIO is saying nothing is wrong and we won’t change the portfolio.
Don’t take this the wrong way, but I am not going to stop posting on Magellan because you are getting bored with it. Hotcopper is a place for all to question and discuss the companies in relevant boards.
If you feel my comments influence or impact the share price of Magellan, you are placing a higher level of importance on my posts than what I think. There is zero chance my posts influence the Magellan share price day to day. If you feel they do then please feel free to join in on the discussion to counter mine or any other poster you may feel has the potential to sway Magellan’s share price.
Look forward to hearing more from you in the future.
Best of Luck
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