I agree - Meta/Facebook down by 23% in after hours trading - and I think the market continues to be hypersensitive when it comes to bad news regarding Magellan.
At 31 Dec portfolio disclosure, Meta was 3.9% of portfolio - which was trimmed down from 6.4% from 30 Sept.
By my calculations and assuming...
No change in FX
No movement in other companies
the current % holding approximately matches 31 Dec
... it would result in a 1.0% reduction in the Global Fund NAV.
Depending on which side of the Magellan fence you sit on, you'd be either
Happy that Meta was trimmed substantially - if the previous (September) levels were held, it would have been a 1.6% drop in NAV
Unhappy that they didn't trim enough - or exit
MFG Price at posting:
$18.84 Sentiment: Hold Disclosure: Held
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