Have split out the FUM growth between PAC and GQG, making it easier to compare MFG and GQG performance. Here is a historical perspective of FUM growth over the last three years: I know it doesn't distinguish between performance increases, FUM inflows and FUM outflows. My main objective is to review overall performance which this table presents. Happy for someone to do the research and present the distinctions.
The above table is converted into AUD at the time of reporting (have been tracking GQG underlying growth for some time).
ps, I am also comfortable with the PE Ratio valuation. MFG was valued at a PE Ratio of 19 times before overall FUM growth dropped for the first time. I believe GQG will grow FUM from here, albeit at a slower rate. It is very hard for a Fund Manager to turn within a quarter to a loss, just look at MFG's FUM momentum over the last three years. It slowed at first compared to historical trend and then has begun to drop after about one year.
Best of Luck Lost
MFG Price at posting:
$32.44 Sentiment: None Disclosure: Not Held
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