This size retail FUM results are becoming very constant, and finally a big mandate which has been a while coming! The market sure liked the big mandate, but I still love the higher fee playing retail FUM, off coarse happy to have both. Constant retail FUM for the long term holders like me and massive wholesale mandates to impress the market and increase interest. (Even on HC) Look at the numbers $200 mil wholesale mandate @.45% = $900,000 (.45% is my guesstimate) v's $66 mil retail FUM @ 1.35% = $891,000 giving a total $1.79 of annualized fees per year, then throw in $4.2 mil in performance fee for the last 6 months ! As I have said before I believe it is still early days for MFG and while they continue to outperform, and have gained the trust and respect of advisers and institutions FUM will continue to head MFG's way. If there is under performance FUM can flow out as quickly as it comes in. I first purchased MFG because of management, and they continue to do everything right while other managers are bleeding FUM. Imagine when we are in a bull market and everyone is dying to invest in their funds and MFG itself.
Good luck holders.
MFG Price at posting:
$2.45 Sentiment: LT Buy Disclosure: Held
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