Difficult to read. Institutional out flow of 910m is supposed to be rebalancing. Has rebalancing got to be negative? On positive side all three clients are still holding 2B each, still has enough confidence on MFG. Of the retail 23% of the 617m is due to openings of MHHT . So in total actual outflow is (100%-23%)*617m. = 413m. At the end of the day FUM stands at 113B which is A$10B more than average for FY 2021. Additional management fees on 10B. I need to update to come up with a forecast figure for FY2022, it will be still around 2.55, without the one offs in 2021 figures. Base value for future DCF starting point will be A$2.55. what matters most is how the funds look at MFG out performance over last 6 months is good enough to stay on with MFG group. In my opinion the worst of the hit due to very poor comparison during Covid period to other indexes are over and it should back to almost normal. It will depend on future performance of the fund.
MFG Price at posting:
$33.91 Sentiment: Buy Disclosure: Held
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