That simply is not true, prior to COVID the Magellan global fund was one of few funds to have a 3 year greater than 1 sharpe ratio (greater return on a risk adjusted basis than the market). He definitely did drop the ball during COVID and made the wrong call and went more defensive while most where part of the V-shaped recovery group. If COVID stuck around longer or no vaccine or there wasn't a V-shaped recovery Magellan funds would have out performed.
At the end of the day Hamish made a decision, it was the wrong one but he did make a decision. I personally prefer a fund manger with a good track record who makes decisions, as that is why you pay a management fee, as opposed to some fund managers to mimic an index AND collect fees. In the short to medium term I have confidence in Magellan management.
MFG Price at posting:
$50.69 Sentiment: Buy Disclosure: Held
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