The spanner in the works for this argument is first the potential of acquisitions purchasing other funds at a much cheaper valuation which has occurred before, and new products like the talked about future sustainable strategy. Those on top of growing numbers of self-managed super funds and people looking for better returns in their super overall.
Also the rate of growth for the past few years looks huge, however if you look back five years it looks very strong but not outrageous, and not impossible to replicate when looking at the funds current size. It certainly becomes more difficult to grow over time, but I don't see that the company is at the point where potential is drastically diminished.
In saying all that, there's certainly more risk in MFG than MHH and I hold both.
MFG Price at posting:
$65.58 Sentiment: Hold Disclosure: Held
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