Lots of quite unsophisticated (bordering on plain silly) comments on this thread in respect of the ongoing viability of MFG.
I have been waiting for today's FUM release. In my view, the $3bn lost to market movement was totally expected, $3bn+ institutional outflows was disappointing and $400 retail outflows encouraging. All in all when markets are falling heavily (as they did in September) every fund manager seems FUM belted. No news in that.
Having been patient all through the final weeks of September, I have bought a nice holding today in low $10.60 area. Plenty of dry powder at hand for my ultimate buy in below $10. This business in the process of transition. It is NOT EVEN CLOSE to any financial stress, merely a substantial revision of funds management profits, with Barrenjoey sitting on the side of it with potential maiden profit distributions in 2023 and beyond.
2023 will most likely be a stock pickers market and index fund nightmare. Confidently I can say I do not need it to rain before I carry an umbrella with me. Similarly, I do not need to see the markets turn before positioning myself for to where they are heading. I have way too much gray hair to fall into the naïve thoughts of some here.
GLTASH
MFG Price at posting:
$10.72 Sentiment: Buy Disclosure: Held
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