Not blinkered, just trying to differentiate opinions and get to the bottom of what Douglass took accountability for (poor performance), does Magellan have an improvement plan? Agree with @druffy, Fund Managers don’t talk about plans about what they intend to trade or to restructure portfolio, but did Douglass mention: 1> We are conducting a review to optimise our market approach and the findings will be acted upon in a month or two. 2> We have a strong network of financial planners and we will take on board feedback from here to improve moving forward. 3> Is there any mention of market changing and Magellan needs to change to compete? 4> We are comfortable with the portfolio and will adjust as opportunities arise.
The last time global managers came under performance pressure was back in 2018 and they came out and said they wouldn’t lower fees, etc. Is there any mention of this anywhere? Note, in 2018 Platinum ended up lowering fees.
Best of Luck Lost
MFG Price at posting:
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