Well if we review the half year outlook - MFG seems to be...

Well if we review the half year outlook - MFG seems to be crumbling with such a thumping this month. Really there is nothing happening to validate the Magellan specific statements, and plenty to possibly invalidate them. (The overall market related statements were quite obvious.)

Below is a reminder:

From the pres:
Outlook
Challenging market conditions and volatility expected to continue

Higher interest rate environment and inflationary pressures will create challenges for many companies,
resulting in dispersed performance and earnings outcomes

These market and economic conditions provide opportunities for active fund managers to differentiate
between companies and to capitalise on value as it emerges

Thoughtful long-term and deeply researched investing will be rewarded

Magellan has the capabilities and is well positioned to deliver in this environment

Airlie and Infrastructure well positioned for growth with strong performance track records

Challenging market conditions provide investment opportunities for active fund managers

Conclusion

Significant work completed to rationalise the business

Improving performance still a key priority

Substantial progress on near term organic product development

Inorganic growth expected to form part of the longer term growth strategy

Strong foundations and balance sheet to support future growth and diversification

And from the media release:

Magellan CEO and Chief Investment Officer David George said: “Magellan has experienced a period of
accelerated and substantial change in recent times. We now have a well-defined and actionable five
year strategy which builds upon the qualities that have made us successful, while further diversifying
the business to deliver sustainable growth and revenue.   
“Meaningful transformation takes time. Whilst it is still early days, I can report that we are making
good progress in delivering on our FY23 strategic priorities and are encouraged by the improving trends
that are emerging. In the last six months we have launched new strategies, refined our plan around
staff retention and enhanced our investment process to improve how we collaborate and generate
ideas. These are key first steps in delivering on our five-year target of $100 billion in funds under
management by 2027.
“Magellan remains a business of considerable financial strength.  Our strong balance sheet, operating
cash flows and profitability provide us with the ability to continue to pay dividends within our policy of
90-95% of Funds Management profit, implement capital management initiatives designed to enhance
shareholder value and prudently invest in our business and execute our strategy.”