MFF has been a clear standout performer within the sector (especially if you consider only the International cohort) over investment periods of 5+ years:
https://www.firstlinks.com.au/uploads/202011/LIC-Weekly-Report-Indicative-NTA-13-Nov-20.pdf
No doubt the performance through 2020 has been disappointing, but the defensive positioning / high cash allocations earlier in the year were clearly communicated, so not it's not been surprising. I am optimistic it will regain its long-term form.
My preferred avenue for gaining exposure to Magellan remains via FGG, which is not hampered by options overhang, but I was comfortable adding MFF as a defensive position. It has duly returned +3% for me vs ~30% across four other LICs (FGG, FGX, MIR, PMC) bought into this FY.
Ann: Form 604, page-11
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