I bought this in the $14's for a trade. I never like holding fundies long term purely because at some point they get it wrong just like all of us sophisticated investors do (haha). Once they do, life gets very painful. I work in that field too so I see first hand how outflows can quickly happen. In saying that Magellan is a very respected fund manager so will be interesting to see what wholesale clients do in the next couple months.
I feel sorry for the people who had this in the $40+, I don't know how the SP will ever get back in the short to medium term.
I like the buyback (purely to push the SP back towards $20+) but at some point the next wave of sellers will come in. There will be a lot dancing between $15-$20.
Goodluck all.
MFG Price at posting:
$16.27 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)