performance fees can (and likely will) be collected during negative time periods as long as you still outperform. Therefore if the market falls 10% and Magellan only falls 5% you have outperformance fees there. So essentially this financial year it looks as if MFG is eligible for performance fees (depends on high watermark provisions) so as it stands performance fees are likely to be better than last year of near none,
MFG Price at posting:
$35.37 Sentiment: Buy Disclosure: Held
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