Ann: 2021 Full Year Results - Investor Presentation, page-41

Reworked numbers. Interesting to note that Magellan was trading on a 30+ p/e while growing FUM.

Market is assigning little no growth for GQG moving forward.

Given the huge increase in the portfolios over night I've rebased everything. I've also changed the way FUM is calculated. I've assumed inflow of 1.5bil per month and that the FUM grows organically through the market at .75% per month. This gives an annual rate of return of 9.38% which is probably closer to the long run average of international portfolios.




However, if we base it on an average of the aggregative portfolios since inception, here is what we get:



The biggest return driver is going to be the M.Fee. As more retail and sub-advised flows enter FUM we would expect to see that average fee increase materially. So here is a very optimistic upside scenario: