Lordsmasher, when retirees invest they want downside protection....

Lordsmasher, when retirees invest they want downside protection. Thats who cares about the downside. Magellan do what they say. They aim to provide 9% compounding returns and have outperformed during market falls. It is what they have said all along. They manage cash, dont gamble with clients money.
There is a huge market for this. Not everyone is aged 20-50 and wanting growth. They have a market of conservative investors and the fact they have 114 billion under management is a testament to the appetite for this type of fund.
Everyone can continue to compare to GQG, the SP 500, companies with similar FUM, then change the next week (to quote LOST) compare them to funds with FUM 6 times Magellan. Compare away. But they have a mission statement and deliver. There is a huge market of investable money that want stable returns compounded. Its just a fact and is the reason why Magellan is where it is.
There is no new strategy or major changes to prove to the market they will make good. They have their own lane and will stick to it. The way they have since 2007. During the GFC they had about 40% cash, COVID 25% cash. They are the fund you put in the portfolio first IMO.

As for defensiveness for a fund to have a beta of 0.65 and a 10 year return (even though slight with current bad year) outperforming the market, that to me is less risk same return. Pretty defensive in nature.