"PTM is also high cost. charges same management fee, but no performance fee. so magellan more expensive."
I'd encourage you to read the tables. PTM charges about 115 bp management fee and MFG 61 bp. Both charge minimal performance fees (MFG 2 bps in 2021 and PTM 2 bps in 2021. You can look that up). PTM is charging nearly double MFG. Yet you say they are both high cost.
FYI, PTM's FUM has marginally increased over the past 5 years.
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