Hi Lost, thank you for this great research, I will check performance of those funds since February this year as suggested by Chella ( post Covid). Your math in relation to MFG is wrong. Based on Macquarie prediction of 7 per cent dividends MFG Funds Management net profit will be $473 million in FY22. (2.30*185,100,753/0.9). Your margin is also incorrect as their expense ratio is below 20 per cent. Barrenjoey is doing very well and I would not expect big losses from associates. I do admit GQG portfolio performed extremely well in 2020 post Covid , some of their stocks from emerging markets returned 100s per cent. GQG waived funds management fees till 30/11/21. I read in AFR the staff is not paid much in cash but awarded with shares. Do you know if they have debt? I would be conservative projecting their FUM growth in the future based on past FUM growth. PE of 18 seems high for fundie who has a short history of outperformance. my post was referring to emerging markets category performance vs S&P. thank you for your contribution in GQG research
MFG Price at posting:
$32.44 Sentiment: Buy Disclosure: Held
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