I've been wondering that too, it's been suffering more than most other stocks on my watch list and found it curious. I just found this Motley Fool article though:
The Magellan Financial Group Ltd(ASX: MFG) share price dropped 6.3% to $23.35 as investors bet that equity market falls will take a toll on the fund manager’s funds under management (FUM). Most fund managers charge a percentage of FUM as their fee, so lower FUM means lower revenues. However, Magellan’s share price has now lost more than 16% year-to-date – double the losses on US and Australian share markets – suggesting it may have been oversold.
I sold out at $26.36 several weeks ago because I needed the funds elsewhere. Glad I did now! Looking to get back in at some point when things look more stable.
MFG Price at posting:
$23.90 Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)