After a long period of stabilization, Magellan main fund (global fund) is again increasing thanks to : - a stabilization of the USD vs AUD, - the continuation of a strong performance for US tech stock stocks, - their rather new bet on China giant tech (Alibaba and Tencent) is also beginning to perform, with strong performance overninght both for Alibaba (+9 %) and Tencent (+ 5 %). We also had good news regarding MFG performance fees almost flat yoy at 81 m $ vs 83 m $.
As MFG distributes a large part of their performance fees, we can expect a good dividend yield (around 3 %), while still benefiting from significant sources of growth in the medium term. Like Wilson Asset Management, MFG has shown it is one of the best fund manager in this period of high volatility.
MFG Price at posting:
$61.39 Sentiment: Hold Disclosure: Held
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