Attended the AGM in Sydney yesterday. Insightful and professional as always. Couldn't be happier with owning this stock but I have lightened up a tad in the last week.
It seems to be a prudent decision given Hamish's only comment yesterday about the stock price:
His comment was along the lines that the share price "may even be a little bit overexcited".
I tend to agree, but I don't blame anyone for just sitting tight and letting these guys do their thing. It has been an outstanding couple of months share price wise.
Interesting too, to see that in the month of October to 23rd thus far, a further lazy couple of hundred million $$$s has been added to FUM. A few other points of note:
Since 1st July FUM has grown $777m. Of total FUM under management, 49% is now Retail FUM versus 39% a year ago. As we all know, Retail FUM earn higher fees for MFG, too. Total Retail FUM is now $2.3billion Overall Base Management Fee (BMF) on FUM is now 79bips versus 61 bips a year ago and.... 59% of FUM is now subject to a performance fee on top of the base management fee.
Hamish stressed the point, too, that the growth in FUM is extraordinary because it is happening at a time when many fund managers are experiencing net outflows (redemptions).
Everyone in management, and on the board, are extremly optimistic about the way forward. This stock is definitely a keeper for the forseeable future. We might be on to something very big....and moreson if the relationships with Frontier Partners develop.
Coop
MFG Price at posting:
$3.84 Sentiment: Hold Disclosure: Held
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