I'm not making comparisons to PAC, it's irrelevant.
Flows are incredibly important for fund managers. If you have confidence in Magellan's ability to perform in the long run, having flows in this time of flat relative performance will give MFG the ingredients to continue to grow.
If on the other hand, flows had slowed or reduced with MFG's lower performance I'd be concerned. But that isn't the case.
Let me ask you this, is PAC's performance slows, will the flows be enough to support growth? Or do PAC have to have 20% years in order to get FUM growth?
You are only seeing half the picture my friend.
MFG Price at posting:
$58.98 Sentiment: Buy Disclosure: Held
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