MFG -1.41%: Down today after updating the market on Funds Under Management (FUM). They now have $69.1bn under management which compares to around $118bn at its peak last year. Since their last update on the 25th Feb, there has been net outflows of ~$5bn, $4.7bn from institutions & $300m from retail. They now manage $39bn in Global Equities., $20.4bn in infrastructure & $9.5bn in Aussie Equities. Clearly not a good trend here and while the market is expecting outflows, we suspect that these outflows need to bottom out or at least reduce in magnitude before the stock will bottom.
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Performance update for March, stocks that drove returns & our current positioning
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Friday 26th April – ASX200 -101pts, Newmont (NEM), Resmed (RMD) & Super Retail (SUL)
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MM likes MFG under $15 as an aggressive play
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