Ann: Weekly NAV, page-3

Interesting to note in their recent presentation the fund was under performing against their bench-mark index, which not only indicates that they haven't got off to the greatest start in terms of stock picks but it's also quite costly for Magellan in terms of missing out on skimming an additional 10% of profits over & above the index if they beat it.

Given the size of this trust at the moment, if they can beat the index even by just 2% it would deliver approx $3mill-$4mill in extra fees on top of the fixed $21mill-$22mill management fees for Magellan.

Perhaps we should all just buy shares in Magellan, they kill the pig no matter what.