We are making a relative valuation call between Perpetual (PPT) & Magellan (MFG). While we remain positive on PPT, we believe there is more upside potential in MFG with improving performance stemming outflows, while their principal investments could be wound back, supporting some form of capital management.
MM are buying MFG in the Active Income Portfolio, allocating 4% around $8.60
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We are selling Perpetual (PPT) simply to fund our purchase of Magellan (MFG). There is value in PPT at current levels, and although we are selling it, we do remain positive on the stock. We believe there are more near term catalysts in MFG.
MM are selling PPT in the Active Income Portfolio, taking profit around $25.15
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