yes in the last year Magellan underperformed, Hamish and team took a defensive look on the market to protect capital. Hindsight is 20/20
Performence fee's are lower this year for obvious reasons, but look at the long term, both are on par @ 12%
though the difference is when we enter a bear market, Magellan is a defensive portfolio and will out perform + it's now investing in private holdings i.e barrenjoe and guzman y gomez
yes in the last year Magellan underperformed, Hamish and team...
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