I agree with what you said, but the comment that their top 10...

I agree with what you said, but the comment that their top 10 "haven't changed" and are defensive stocks is fairly ridiculous. Most of these stocks have been 10-15% higher at some time or another during this year and in particular were doing very strongly in May. It also discounts the extreme period of volatility over the past month, and for little reason a hammering to the tech and higher P/E stocks MFG are heavily weighted in. I think its quite likely earnings will have increased a very small amount over the past 6 months, but thankfully the stock is on a very reasonable P/E and has shown record growth in inflows to the funds and strong performance in infrastructure. This isn't a stock where the price is dictated by announced "results", the companies potential earnings over the past half are fairly predictable, ultimately performance of the fund in the short term is what will drive the stock price up, and as seen before it can happen in a matter of days.