Market didn’t agree 3 months back too when sp dropped to about $42 with investment bank analyst’s bad review like now. Market will come back to senses when you look at the underlying numbers and business model. When you have bad reviews due to 6 months of relative bad numbers you would imagine bit of leakage, nothing serious. Once people start focusing on current 3 to 6 months I wonder who has done better. 15% in 3 months. These are all short periods you can not make decisions on those numbers. If the other funds have a similar portfolio to MFG they should be valued the same way. MFG forward PE of less than 20 is not high for portfolio management company with solid US multinationals behind it’s fund. Delaying tactics may be buying bit of time to come out with better FUM numbers, which I don’t like too. Apparently they are following what many others are doing in the industry anyhow.