We talked about selling MFG above $60 and were simply too slow, no excuses. However today we believe the markets treated Hamish Douglass’s business too harshly following its report which showed solid inflows but a fall off in performance fees, we don’t believe this will be a long term phenomenon fund managers cannot kick big goals every time. We are considering increasing our position from 3% to 5% – the 4.65% part franked dividend should become a supporting factor sooner rather than later.
MM thinks MFG represents good value under $50
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