Signifiant Drop in Performace Fees from $42 M to $5M, page-22

Ultimately I agree with you that the majority of fund managers have been asleep at the wheel over the past 12 months ((Magellan included), apart from the few that got lucky off china exposed food stocks, but at the end of the day I feel there is room in my portfolio for an inherently diversified company with high exposure to USD and bullishness on the big tech stocks. These guys have better consistency than any other major fund manager I have seen else apart from a pretty lacklustre 2016. Also I see a lot of room for growth in their infrastructure funds.

I appreciate the sentiment that at first glance it looks like these guys have simply picked the big names in tech and left the fund to its own devices, but I think if you take a genuine look at some of them such as Ebay, Microsoft, Lowe's, Visa, Alphabet and in particular Apple, these stocks have the potential to double in the medium term. Not sure what you think of the currency situation, but I see the AUD being 8-12% lower in the next 12 months against the USD, I think the MFG portfolio has the potential to do 10% on its own, and I think inflows will probably move at an average of $500 million per month over the next 12 months.

Like you I don't really see the point in sticking your money directly in the fund itself, but I think based on the extremely fair stock valuation at the moment this stock has a long way to climb. I think its almost a shoe in for 20-30% returns over the next 5 years in particular because I do not see an end to the bull market in the US. A trump presidency would probably crash the market for a couple of weeks like Brexit did, but just as in that situation I think people would realise what little difference it makes to the country beyond its face value strangeness.