Personally I own both, the reality is that MFG over the last 12 months has been hurt badly by exchange rate movements in terms of broader results which is something I expect in the longer term to be largely negated, or at the very least cease having such a large short term effect on FUM.
I would probably recommend PNI before MFG at this point simply because I think Hamish had/has an overly defensive outlook and ignored the monetary/fiscal options to smooth the effects of covid on the market and funds suffered because of it. The largest fund of MFG isn't currency hedged, but I think the fact that there wasn't a short term move towards some degree of hedging across all of their funds was quite thoughtless.
At the end of the day though, on current P/E and with the current dividend the company is a buy or at very least a hold. Main issue being performance fees, but on this P/E I don't see that its pricing them in to begin with. The marketing/sales side of MFG, small staff size, ability to control expenses and their means of scaling through new products has always been excellent.
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