I'm currently doing some research on Magellan. I understand that...

I'm currently doing some research on Magellan. I understand that the bulk of its revenue derive from funds management costs, and with some revenue from performance fees charged.

Am I correct to say that how the individual managed funds perform (ie. increase/decrease in unit price) within Magellan do not necessary have a direct impacts on MFG sp, but certainly will have greater impact with its performance fees revenue and then also its net in/outflow of FUM which will determine the funds management costs? Any thoughts would be greatly appreciated.

I'm definitely interested to buying MFG at its current low and want to understand its business fundamentals before executions.