Ann: 2021 Interim Results Briefing, page-67

Below is the flagship unlisted fund. APIR MGE0001AU
That peak is all the investors high water mark who invested prior to 2020. For Magellan to receive a performance fee from investors who invested prior to 2020, they need to get above that red line. Not only that, for new investors after 2020 - the fund is under the index so no performance fee from new investors as well. Of course there are other funds, but this is the flagship fund that is listed at the top of its website. Based on this I guess its easy to see why the performance fees are 75% lower

So the recent HY report captured a terrible timeframe, but I don't think its long lasting. Magellan is still the benchmark name for funds. If that red line can get above the peak then all investors are subject to a performance fee again, but even if not will the fund continue to underperform the benchmark or will Hamish fix it? With

Although one things for sure, MFG will grow its FUM and management fees are fixed revenue.

There may be some short term weakness, but long term im comfortable owning this