The fund manager today announced it had seen $691m in inflows for February, with positive retail flow offsetting net redemptions from institutional investors. Total FUM was only ~$200m better off though as investment movements weighed. Still, Magellan manage more than $100b with around 75% in global equity investments. The stock has been under pressure lately – a weak tech sector/growth names hurt at Magellan, though we feel this is overdone.
We like MFG for the reversion back into growth.
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