What’s next for Magellan (MFG) shares after FUM loss?
MFG -2.01%: the fund manager reported their FUM flows for August showing the slide continues. A total of $1.3b in outflows were recorded in the month alone, coupled with an additional $1.3b fall from performance and FX movements. The outflows were split pretty evenly between retail and institutional money, though focussed on international and infrastructure funds with the Aussie Equities FUM actually higher in the month. It follows a $5.2b outflow in the June quarter, now down nearly 40% calendar year to date. Shares are on around 10x FY23 earnings, make it extremely cheap, however there remains a lot of work in turning around these flow numbers.
Wondering what Market Matters are buying and selling today?
Market Matters breaks down the latest financial developments into simple, actionable opinion that our members can rely on. We give our community access to some of the most trusted financial professionals in Australia and crucially, we invest in our own portfolios – putting real money where our mouth is.
Led by James Gerrish, the Market Matters Investment Team has decades of market experience, and every day we’ll give you our take on the market. With in-depth market analytics, clear buy, hold and sell actions members can quickly see the stocks we like, the stocks we don’t and the history behind every one of our decisions.
See for yourself – take an obligation free 14 day trial of our service – here.
