Fair enough. But the SP 500 returned 35% (world index slightly...

Fair enough. But the SP 500 returned 35% (world index slightly less) over that timeframe and Magellan themselves have stated they are disappointed by the returns relative to the market. Some of the difference in FUM was caused by fund outflows, but much of it was underperformance. Basically MFG increased the cash component in their portfolios during the covid crash and severely underperformed on the way out. Some can also be attributed to the CCP crackdown on stocks like Alibaba and Tencent which MFG was overweight in their portfolios.

Magellan are smart managers but they made one strategic mistake that resulted in massive underperformance. Realistically that mistake is only obvious with hindsight and their move at the time was logical. If it wasn't for that one mistake there is no way MFG would be trading at $35, it would probably be double that. Hence the opportunity is around valuation. If they can match the market performance and stop the outflows the return from here should be attractive.