work in the industry, it’s very very hard to justify having a FM underperform like that and keep their institutional mandate. To be fair even in normal times you see large churn of FMs simply for no other reason than management of board changes at the institution. Which is why you need to be able to attract continual FUM flows, severe under performance makes that hard.
It could all turn - that’s equities markets. But it won’t be short term.
Anyway, MFG has still made long term shareholders a monster. Good on Hamish, he built an amazing business. More than any of us have done. I’ll depart this forum now given I only have exposure in one of their funds - which the wife can continue to hold simply for diversification.
MFG Price at posting:
$21.07 Sentiment: None Disclosure: Not Held
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