I am not being critical of MFG. Rather I am making an unbiased...

I am not being critical of MFG. Rather I am making an unbiased assessment of the change in funds under management. About 2.5% of my portfolio (long only) is invested in MFG and I only bought in a few weeks ago. MFG seems undervalued to me.

However, you seem to be getting confused between the yield on the fund manager and the yield on the SP 500. All valuations will contain a growth component and a dividend component. The market is valuing MFG with a lower growth component than the SP 500. Whether that occurs is open for debate, but the dividend from MFG needs to be higher than an apple, amazon or google as the risk is higher (fund managers are leveraged to the market) and the growth component is probably lower. Also, although MFG is a good business it is not in the same league as many of the top names on the SP 500.

In conclusion MFG is in my opinion a great addition to a well balanced portfolio, but don't put all of your eggs in one basket. The response you gave to an impartial assessment of the funds under management announcement suggests to me that you have too much of your portfolio invested in MFG and are unable to look at the facts objectively.