Based on the stated net outflows and the actual movement of the FUM balance it would appear performance has been pretty good…..but the outflows continue because sadly the Magellan brand is trashed to the point of it being worthless….in fact it’s worse than that I think the brand actually carries negative goodwill.
Once the market decides a fund manager stinks it all becomes a self fulfilling spiral.
I finally waved the white flag on MFG a few weeks ago and sold my remaining shares …. I thought FUM would level off at $45-$50b but I can’t see that now - have lost patience. That said, best of luck to the faithful that are riding this out and have patience for a turnaround. I don’t think anyone can say with any certainty that there’s not money to be made picking up this stock around current levels.
Anyway, in the interim I won’t be returning to the thread as a non holder to mock and ridicule (like some pathetic ex holders take great pleasure in doing - you’ll probably hear from a few of them this morning)
MFG Price at posting:
$8.03 Sentiment: None Disclosure: Not Held
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