In the case of MFG, we must remain focused on where it’s going, not where it has been, this is a very different company to that of just 2-years ago. Funds under management (FUM) will continue to leave MFG until they improve performance and even then their elevated fee model feels unlikely to make a comeback in today’s competitive environment.
- We see no reason to buy MFG until they improve their underlying core performance.
MM is neutral MFG at best
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