Chella, I can't work out who you are trying to convince more with respect to the plight of Magellan - yourself or others.
You make some valid points - but the constant muddying the waters between MFG (the Manager) and the funds they manage is impossible to follow.
Of course the performance of the underlying funds impacts directly upon MFG - but I swear if people looked at this forum they would think MFG is the managed fund, not the management company.
I fail to see how comparison with random indexes, and quoting dividend yield ratios when compared to a US index has any merit. Outside Australia, most companies have low yield ratios. Why? Because they reinvest, grow and become better companies. Only in Australia do they simply return profit to yield worshippers. It's total return that matters.
You can undertake as much "in depth" analysis as you like. The performance of the underlying funds has been rubbish. Given a large potion of their FUM isn't held captive (closed end funds) - people are going elsewhere. Although I do applaud their foresight to lock in more capital just prior to the steady decline... genius.
I am sure the performance will pick up - just like all active managers - there will be ups and downs. This is a down, and people are going elsewhere.
All active managers and management companies are suffering. It's the time of passive investment - where you pay a fraction of a percent and beat the likes of Magellan 90% of the time.
Ask any new investor on the street - I can assure you they will know about the likes of Vanguard, iShares, StateStreet, Vaneck, Betashares... before Magellan.
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