this is what the MGOC's (a fund run by MFG) looks like
It is not tech heavy and it has a lot of staples and utilities.
the reason it doesn't drop as much as others in a down turn is that it is defensive. In fact if we do have a downturn due to say omicron, MGOC will most likely out perform the index
But this does not concern Hamish because his goal is to get 9% for his customers after fees
Finally if Magellan's funds outperform more people will invest in the funds, this will result in an increase in Funds Under Management and the fund manager (MFG) making more money from management and performance fees. More management and performance fees lead to greater profits and a higher share price for the manager, MFG.
I think everybody knows this and if you do, apologies for being so obvious
(20min delay)