Still an interesting fund manager

Magellan has proved to be very resilient since the beginning of the year. We can follow it through the performance of one of their main funds (MGE) which has increased (when the market fell in February-March) and then stabilised. Even the stabilisation is quite a good performance given that the USD has decreased by around 20 % since the rebound of the market.
Logically, Magellan has been rewarded with a high level of net inflows during the last 5 months(1.9 bn $), while net inflows have been very rare for fund managers during that period.
I continue to have no problem with their main bet on the technology sector, given the resilience and the profitability of the main US big tech companies, also benefiting from the policy of low rates for longer. Also interesting to see that Hamish is ready to move to new ideas, like the major Chinese big tech (Alibaba and Tencent).
Overall, their dividend (excluding dividend linked to performance fees) looks quite secure, thanks to the stability of their funds performance. Their dividend yield (excluding performance fee) of 3.2 %e for FY 20 is interesting given the profile of this company, which has a still a lot of avenues for growth thanks to international shares, domestic shares (where they will probably accelerate at some stage) and their expected pension fund product.
Interesting to see that the stock performance has been perfectly in line with AUM growth since January.
There is some short uncertainty regarding their performance fees for FY 6/20, but that's just a one off.