This is a tough period for asset managers in general, so the large volatility for all of them is not a major surprise. We know that historically they tend to be penalised twice when markets are bad : their assets value is affected by the decrease of their underlying assets and they struggle to get net inflows.
MAF is a particular case, as it is more considered as an alternative asset manager. The question is more about the growth of their main markets (real estate and hospitality), when stocks and bonds are struggling. So far, good to see that they are able to continue to get net inflows. I just wonder if this trend will continue if the absolute valuation of their main markets begin to decrease.
2 other interesting aspects of MAF : - large involvement of the employees who own around 35 % of the capital, - diversified and flexible organization, always looking for new opportunities to develop other businesses.
MAF Price at posting:
$7.69 Sentiment: Buy Disclosure: Held
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