Magellan (MFG) beats despite falling performance fees
Magellan (MFG) +2.8%
Full year results came in ahead of expectations with Adj. NPAT of $438.3m beating analyst expectations by 2% and 5% above last year’s result. The beat came despite a drop in performance fees for the group, being driven by management fees outpacing expense growth. This comes despite Magellan pushing on with bonus payments for FY20 given that the company continued to perform well despite the impacts from COVID. Each of the company’s funds continue to perform well with the Global, Infrastructure and newly acquired Airlie funds beating out the relative benchmark, and the High Conviction fund posting +6.1% return for the year.
Magellan (MFG) Chart
