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Magellan (MFG) $14.00

MFG -1.41%: Down today after updating the market on Funds Under Management (FUM). They now have $69.1bn under management which compares to around $118bn at its peak last year. Since their last update on the 25th Feb, there has been net outflows of ~$5bn, $4.7bn from institutions & $300m from retail. They now manage $39bn in Global Equities., $20.4bn in infrastructure & $9.5bn in Aussie Equities. Clearly not a good trend here and while the market is expecting outflows, we suspect that these outflows need to bottom out or at least reduce in magnitude before the stock will bottom.

MFG
MM likes MFG under $15 as an aggressive play
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Magellan (MFG)
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