@Jean Luc Bergman i agree that the speculation of institutional investors reducing holdings hasn't occured and will be clearer next 2-3 months. but the self-directed and adviser outflows were very clear, at least from what i can see. let me illustrate using some data. the largest retail fund is the MGOC open-ended fund which is 14.2B fum so i will just focus on that as it is the bellweather of magellan. the fum over the month grew only 0.2% and the fund investment returns for the month was 3.1%. the balance is the outflow which is 2.9% or on my estimate about 408M of outflows from this one fund in a single month. if we extrapolate this into annual figures the outflow from MGOC is 4.9B/pa or 35%/pa of MGOC fum. they are losing money quickly in these key product. i think it is more likely to pick up in january, than slow down. and the speed of fum loss for MGOC may be something that needs an active response from the company. a webinar with some soothing words won't cut it anymore. much like the covid virus the R0 of MGOC out flows is >1 and the redemptions are doubling by the month
MFG Price at posting:
$19.29 Sentiment: Sell Disclosure: Not Held
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