I am not confused, maybe Chella is. I just find it weird that Chella likes to compare FUM growth to the returns of indices like the S&P 500. Sure it is off FUM that MFG takes it cut, but I think fund performance is what should be compared to the indices in order to evaluate performance. He says FUM growth is outperforming the indices, I don't think that really matters. If the individual funds continue to underperform then FUM outflow will follow. FUM is not simply the weighted sum of individual fund returns, it is also affected by inflows and outflows as you say...
MFG Price at posting:
$33.48 Sentiment: None Disclosure: Not Held
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