Hasn't Magellan always been the joke around town? I am pretty sure the tagline of "most expensive index tracker in town" has been in place for some time.
It's pretty harsh, but the stats tend to say it's not far off.
Magellan, like Wilson Asset Management etc. tend to devote just as much energy to advertising, as they do investing.
I think the investments into Alibaba and Tencent will burn for sometime. I don't blame them for investing, but not sure about their about face.
Herein lies the problem with investing in "fund managers". You are taking a bet on that the manager will consistently achieve alpha - and as the stats show that is a losing bet.
Anyone who has ever bothered looking at the Spiva data - it's pretty much impossible over the long term.
Hopefully they pull it around - otherwise watch the billions exit into a Vanguard fund for a fraction of a percent.
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