Ann: Funds Under Management - November 2020, page-26

@flyinghigh
I begin to find these asset managers difficult stocks to buy or hold.
The increase of the share price is too dependant on 1 particular strategy.
In the case of Magellan, they have done well for several years as long as their defensive strategy was doing well, both thanks to US big tech and USD.
In the short term , this strategy is no more successful, due in particular to the weakness of the USD.
I have no idea if this defensive strategy will again be successful during the next couple of years.

I thought that their strategy to buy Chinese big tech (Alibaba and Tencent) a rather good one, as it gave them some diversification in EM and these stocks (at least Alibaba) were not expensive. Unfortunately, the intervention of the Chinese government in their business makes once again the investment in these companies complicated.