I agree if the fund performance is bad on continuous basis, they...

I agree if the fund performance is bad on continuous basis, they will park it somewhere else. The point is MFG, it is not for ever under performing. Prior to Covid and after Covid in calandra year 21 Total FUM has performed pretty well in total. MGF which is the retail fund, has not performed well, but some other fund within the MFG umbrella would have done better to compensate. So on the basis some other fund is performing better than MGF, if MGF to face outflows, based on same theory the better fund should attract more funds.
The current EPS estimate for MFG is A$2.50 to A$2.60 with PE of 13 to 14, which doesn’t make sense.
Regarding tech sector, their portfolio comprises FAANG ,SAP with very conservative BS and plenty of cash. If the market falls these will fall too, but it won’t be like Tech companies which are loosing money with high debt levels.There is only Alibaba now which is Chinese based, which has loss about 50% and probably better valued now. Therefore portfolio is considered conservative.