Typically active managers such Magellan (and Platinum and Elleston ) will underperform benchmarks in a low volatility bull market which we have had for the past year or so - until this month. With higher volatility now, I would have thought this is time for MGG, EAI, PMC etc to be held rather than index fund equivalents and they should start outperforming. Discount whould close when this happens
Future NAV premium, page-21
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