Regardless of what anyone thinks at the end of the day this is a managed fund company, and one that became massive due to incredible performance over the longer and generally shorter term. For the fund to keep growing and intake meaningful inflows, it is clear that the main driver for this will be their portfolio performance at this point. Many of their stocks seem stuck in multi year holding patterns which has become something of a brick wall, and it looks as if the AUD is keen to continue doing the same. Personally I think the fundamentals of some of these stocks, in particular Google, Ebay, Paypal, Microsoft, Visa and definitely Apple are another quarter away from a significant re-rating upwards, although only time will tell.
If they can manage outperformance and returns of at least 10% YOY again, there is no reason to think it can't achieve grow insto inflows at a similar rate as they did in the past, but I think it's clear that further attraction will only occur with worthy performance of their product. There is only so much a sale team can do in this industry, MFG got where it is because of historical performance.
MFG Price at posting:
$23.19 Sentiment: Buy Disclosure: Held
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