Magellan funds cop downgrades at Morningstar (copyright link)
Shortly after Magellan reported almost $10 billion outflows in two weeks on Friday, Morningstar cut its rating for the fund manager’s flagship retail strategy.The research house took the $13.5 billion Magellan Global Fund’s open class version from Gold to Bronze.
Morningstar analyst Chris Tafe’s report said the strategy’s foundations were strong but called out lack of succession planning, poor judgement on China risks and high fees.
Ann: Funds Under Management Update, page-64
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