This is an excellent analysis from Rodney Lay at Risk Return...

This is an excellent analysis from Rodney Lay at Risk Return Metrics, and well worth reading...particularly the last few pages, and without any bias it points to the strong potential for sustained outflows from MFG equity funds as more people begin to realise what the author is unemotionally demonstrating with the data at hand:
https://www.livewiremarkets.com/wires/magellan-global-fund-a-peer-and-benchmark-relative-analysis
should be available to view to anyone with a livewire login (free to register)

Several other groups I know of have done similar analysis privately for clients on MFG strategies, but this report is in the public domain and therefore able to be posted. These independent analysts don't have any bone to pick with MFG, they are paid by their clients to be independent and tend to just state the facts as they see them.