MFG -8.32%: shares in the fund manager struggled today following a weak Funds Under Administration (FUM) update, coupled with a soft day across the broader market. The company announced a further $2.1b of outflows in June with total FUM now at $39.7b, the lowest since 2016. Institutional investors pulled $1.7b in the month despite signs of improving performance. On that note, Magellan expects to earn $11m in performance fees for FY23, though this was a little short of expectations. Overall, the business is turning, though perhaps not as fast as we had hoped.
MM is long and bullish MFG
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