Do you mean like the David Swensen Endowment Model? I agree if that is what you actually mean, but you can’t hedge poorly performing fund managers with different asset classes. The assets held by Magellan aren’t best performing in sector. It is better to pick a fund manager that has an investment process that can pick best in class assets and rotate out quickly when it is clear they aren’t working.
Previous post was purely on Magellan from a business perspective.
Ann: Final Results for the year ended 30 June 2022, page-93
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