MFG Fair Value, page-56

yes you have picked up on the inherent weakness of funds managers.

Regardless of performance, if the market drops, there is a high probability that their FUM will drop, and they will receive less earnings.

With markets at near all time highs, this is a risk for MFG just like all fund managers.

However my counter point to this, would be that whilst earnings for MFG would drop, MFG funds would have a high probability of out performing, which in future periods would increase the attractiveness of the MFG brand.

And again my scatter gun approach. I hold MFG and IFL and am looking at GQG. But in totality fund managers represent around 4% of the portfolio. So I am not worried.