Fund managers have very much been in the news of late with Magellan (MFG) the standout following concerns around performance, the likely reduction in fees, the loss of a huge mandate and the CEO’s general focus as he goes through a divorce. Clearly very messy reading but the stocks plunged by 65% over recent months and we feel there’s a huge amount of bad news already baked into this particular cake.
We are in no hurry to pick a bottom with MFG but likewise MM is not tempted to sell our small position in the Active Income Portfolio, one to watch short-term but I’m sure it will eventually provide an excellent buying opportunity.
MM remains neutral MFG short-term
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