MFG Fair Value, page-150

There is a big theme playing out in the US, where managed fund flows are reversing and passive fund flows capturing these flows and then some. Very hard to outperform when you are saddled with the FUM that MFG has. Expect circa $23bn net outflows over the next 2-3 years. In addition, the pressure for MFG to reduce its high flagship fund fees has increased with retail outflows likely to accelerate. While the stock price has rightly fallen in recent months, the negative spiral of poor performance leading to net outflows, repricing risk, and margin compression is still in its early stages, so expect operating risks skewed to the downside near term.
I for one would only revisit this one sub $17/share remembering when Platinum suffered not just short term from change in sentiment evolving into one extended feed back loop.