Agree with both of you and by no means want to detract from the...

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.