Agree with both of you and by no means want to detract from the quality of Magellan.The wider LIC/closed ended funds sector is at a real inflection point right now and I think all funds trading at a consistent discount are in the firing line for similar transitions in the future.
I think the counterargument for Magellan is the combination of under-performance (and yes it's short term but it's undoubtedly had an impact on SP) and the release of the options anchoring the price. There's a real psychological block around buying on market at a ~8% discount when it might close to a 6% discount next week and be more attractive to redeem options.
Until this dilemma plays out, through some genuine out-performance and/or big buys narrowing the gap I think we'll have to wait and see. I teeter between a buy and a hold at the moment as I think we'll have a year or so for this to play out for MGF.
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