They have underperformed, that's not secret, so anyone with half a brain would have expected a drop in performance fees. Hence the SP drop over the last few months.
What is encouraging is the FUM growth which has been driven by flows, leading to increases management fees. Performance will pick back up which lead to perf fees revenue again.
MFG have been driving this new option campaign pretty hard to encourage even more FUM in the closed class units (Essentially trapping more capital for the next 3 years). Very smart, and will lead to increased FUM in the long run.
Overall this is the result I expected to see, growing the div and profit is up. Big tick for me. Will be buying more if the SP drops meaningfully.
MFG Price at posting:
$51.11 Sentiment: Buy Disclosure: Held
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