Ann: Video update from Chief Investment Officer and Chairman, page-214

By the way sir/madam I hope my responses don't come across as too heavy.

I do appreciate your posts and you make very valid and constructive points and if you think Hamish's strategy is solid and MFG will successfully turn around absolutely do that. It's your money after all.

I think all of Magellan's strategies will do very well over the long term. But will the global equity strategy beat the S&P 500? I can't see that happening - and that's why no global active manager chooses to benchmark themselves against the 500, they choose the easier MSCI World or a weird amalgamation of benchmarks while really keeping their money in the US. The S&P 500 has quadrupled in the last 10 years, so it's a hard one to beat.

I simply offer the devil's advocate view and having had worked in the industry as an analyst, I would just offer caution on the many gimmicks, phrases, and sales tactics some managers come up with. I've seen it all, for example, an equities manager choosing cash as their benchmark and charging performance fees for the pleasure of simply delivering returns above 0%. Astounding!

Another example is WAM, who I think I read from Joe Aston were charging performance fees based on gross rather than net returns. Not very fair to investors.

Magellan certainly has a lot of upside if it can get its stock calls right, but it is relying heavily on its one strategy doing very well. Whereas Pinnacle, Pendal, Aussie Ethical and Macquarie offer a much more diversified asset manager exposure and could be good alternatives if you wish for a less risky path.

Good luck!