No, I mean the stagnation in the NAV (the fact we have gone pretty much nowhere) is due to the collapse of performance. If that makes sense.
Considering the market backdrop of crazy price increases, it's quite disappointing. I would say the most disappointing results since I have been invested with Magellan.
That's always the risk of active investment though. I am sure they will turn it around. But, it's also a cautionary tale for all those who mistakenly believe certain managers are immune from poor performance.
On the plus side, they managed to secure a lot more money into their closed fund. I would have never imagined so much money flowing into the fund at a time when both performance has been poor and closed funds are on the nose.
MHH Price at posting:
$1.45 Sentiment: None Disclosure: Held
