Ann: Final Results for the year ended 30 June 2023, page-28

Andrix, which of their investment funds are operating in the top quartile?

Hi Heedless,

Magellan is a good company despite their recent difficulties. It's not the Magellan business that is surprising or bizarre - it is the price that investors are willing to pay for it, which is the most critical decision as an investor.

Paying a 14x multiple of profit on a business that is likely to experience a further sizeable profit next year is strange - when you consider it in the broader context. For example, GQG trades on a lower PE ratio (approx. 12) despite growing FUM & profitability - does it not strike you as strange that MFG trades on a 14x multiple when FUM is still walking out the door (albeit at a slower rate)?

Magellan is all of the things that you said - it's highly likely they will remain profitable and for the right price I'd be happy to buy in.

It will be very interesting to see if this rally has any legs - I dare say that when the dust settles the share price will be back around the $8 mark by EOY. However I'm known to be wrong at least 50% of the time!