My view is there is huge gap between MFG business performance and the market view. This will converge at some point. MFG portfolio FUM keeps going up with FX gain and therefore management fees will be higher for current FY. Until this huge jump in FUM are published and the HY results, MFG is being assessed on 2021 FY results and fund outflow last quarter. All the other direct funds stock prices keep going up since March as results of the fund performance, but not MFG yet. Nothing has been published about any fund withdrawal or any other mishap of capital investment performance to my knowledge. I am surprised that investors haven’t noticed the big impact currency devaluation of A$ is going to have on management fees, while portfolio remains rock solid.
MFG Price at posting:
$32.54 Sentiment: Buy Disclosure: Held
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