Ann: Hamish Douglass - Medical Leave of Absence, page-100

Prior to Covid, MFG was red hot fund manager growing at extremely high rate. This was due to US markets were growing fast too after GFC. For example MFG picked up MSFT around $30 I think, now $300 in 10 to 12 years.
As results MFG was given high PE ratio, going up to 27 at one stage. Conservative view during Covid under cut MFG with markets doing about 15 to 20% better. As a result MFG has been downgraded with around 10 pe as it is not expected to grow, in fact shrink FUM. Last few month’s management issues did not help either.
They have to show their growth is better than market indexes to get the confidence back. I think the portfolio will do it over next 12 months with a good mix of companies well suited for on coming economical conditions with higher interest rates.
In the mean time we hope the management team will settle down.