You have to consider the context of which you are putting information out there - in your previous post you said that FUM had gone up to $A118.4B without any reference to AUD/USD exchange rates, prices of shares or any other detail, so I put out information in which I thought you may or could have used (presenting FUM at a higher rate with a lower exchange rate in my post).
I am trying to understand your maths a bit more. Please do not mistake confusion with wanting to understand how you have calculated it or arrived at certain numbers. A lot of the time your numbers don't add up, I am trying to understand more where you are coming from. As an example, this post https://hotcopper.com.au/posts/57423121/single the portfolio %'s add up to 105%. I had asked to confirm if there was rounding in portfolio holdings regarding the %'s presented, but never got an answer.
The overnight close rate from Thursday night was 0.7292 and the close from yesterday was 0.7385 - where do you source the $0.7333 AUD/USD exchange rate information from? I would have used the Thursday night closed rate in my calculations because the Friday night close hadn't been posted yet - as you can see in the post, I used 0.7292 and you can point out the discrepancy.
Hope the above helps you understand why I am questioning the details in your posts. If you reference the source of your numbers you are using it will substantiate what you are saying and make it easier to understand.
The above was on the topic of the first paragraph from your post only.
For the second paragraph in your post on fund performance, I thought the table you had in the above post tracking Magellan's funds was fantastic and it is easy to track what you are saying on the performance during the month (that is how I saw the % holdings added up to 105%). You should consider posting at the end of each week - it will show how things are trending with Magellan's FUM. Magellan has a static portfolio, so it is easier to track. The tracking and posting of the information will track how things are trending for the month and I can share the ASX listed FUM table that tracks overall compared to other ASX listed Fund Managers (I know some people don't want to see these numbers). I just think it is important to see the monthly trend and monthly/quarterly FUM number trends in context against other ASX listed fund managers because it will explain why large short sellers come on (3% of shares last month) and the share price drops. Conversely when the share price increases because shorts are closing out.
In terms of tracking GQG's portfolio, I had tried to track GQG in the early days but stopped. For GQG, it is hard to track all holdings on a month to month basis as portfolio turnover is high, shares they held two years ago have been replaced with other higher growers (GQG were early sellers of Alibaba). Each GQG fund has a different holding and GQG have 15% in Emerging Markets, but the majority of FUM is invested in large Global shares holdings like Microsoft, Alphabet, Bank of America, AstraZeneca, Visa - reference here https://gqgpartners.com/sites/default/files/gqg_ge_factsheet_gqrpx_10142021.pdf). Previously had used Emerging market fund to compare against Magellan Fund because it is the worst performer in the stable of GQG Funds. After tracking for the month and comparing to Magellan, I also don't think it correlates to GQG's overall performance - I will keep to tracking the overall performance of ASX listed funds on a quarterly and monthly basis.
For the ETF's that track similar to Magellan's Fund, it is difficult to assess against this too (I am curious to understand more here too). As an example (I'll use a not for profit ETF to compare), the VGMF ETF is an active momentum based ETF with a similar strategy to Magellan and holds 872 different shares, where Magellan's Fund holds the twenty odd in the table you provided (diversified versus concentrated portfolio). The Magellan's Core Series holds more shares and they cost a bit less too, but return on average the same as Magellan's overall portfolio (a bit less at the moment). If you look at the performance of VGMF over the YTD and one year, the performance is 24% for YTD and 34% for the last year (beating Magellan's performance by 8% YTD and 18% for the last year). Since inception it is not very good, but it only started in April 2019. VGMF reference here: https://www.vanguard.com.au/personal/products/en/detail/8229/portfolio.
Best of Luck Lost
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