yes, of course MFG performance has been bad for 12 to 18 months. What we are trying to analyse why and what the future looks for the company. MFG share price itself has drop mainly due to the reduction of PE to 11 from 25 to 27. Why did this happen? Due to underperformance of funds compared to the indexes over last 18 months. How did this happen? Due to MFG decision to take a very conservative view when Covid hit the markets and loosing out on subsequent massive stimulus spending by governments. Now that the market thinks both these events are behind us, even with very high Omicron numbers, it is going back to stock picking and construction of portfolio that matters. As a result we are seeing the underperformance of MFG funds gradually disappear and will hopefully considered a better fund manager, which will start attracting funds again, not loosing them. As they say winners take all the glory and if MFG funds are starting to beat indexes, it will change the perception with higher PE multiple.
MFG Price at posting:
$21.40 Sentiment: Buy Disclosure: Held
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