This is for the Global Fund, see the Sept update and then check out Junes you will see that YUM was listed, then not, and then back on. Sept http://www.magellangroup.com.au/wp-content/uploads/2009/08/Global-Fund-Fact-Sheet-NET-September-2012.pdf
June http://www.magellangroup.com.au/wp-content/uploads/2009/08/Global-Fund-Fact-Sheet-NET-June-2012.pdf
I don't have a problem with Hamish's strategies and how it corresponds the investment objectives. He aims to protect capital and provide a return of 9% net of fees. What part is conflicting in your view.
From the monthly update "Objectives: ? To achieve superior risk adjusted investment returns over the medium to long-term. ? To minimise the risk of permanent capital loss. We aim to find outstanding companies at attractive prices. We consider outstanding companies to be those that have sustainable competitive advantages which translate into returns on capital materially in excess of their cost of capital for a sustained period of time."
How about last months retail FUM $133 mill of new funds, they keep setting new monthly records. Its hard not to think of taking some profits off the table, I am in for the long term and I feel this is just the beginning. US business building and setting up in the UK, if they sell themselves in those countries like they have here then we are in for much bigger things.
Time will tell, good luck.
MFG Price at posting:
$3.79 Sentiment: LT Buy Disclosure: Held
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