Wow strong close @$1.765 up 14% no sellers at all and tightly held stock.
If CGA can do a magellan over the next couple of years i would be very very happy indeed
https://www.google.com/finance?q=ASX:MFG&ei=2o_0V8mCIdCb0ASy9KGYCg
It is after all who they are trying to emulate
http://www.copyright link/business/...echanger-for-funds-management-20160625-gps04y
"Analysis of listed funds
Magellan, Platinum, BT and Perpetual shows that staff costs account for 40 to 60 per cent of operating expenses.
The profit potential in the industry has been masterfully exploited by
Magellan and Platinum, ASX-listed global equity funds whose ability to attract billions of investments have made the founders amongst the wealthiest in the country.
In five years
Magellan has grown its management and performance fee revenue by 18 times from $13 million to $246 million while expenses have only increased by 5.5 times to $49 million. Platinum, meanwhile, has grown its management fees from $267 million to $360 million over that period (it generated a modest $40 million in performance fees) while expenses increased modestly from $50 million to $59 million.
Mr Boubouras says the fund is trying to emulate some aspects
Magellan – which was initially backed by James Packer. Contango, which, unlike Magellan, focuses on domestic stocks,"
