MFG 1.02% $11.39 magellan financial group limited

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

  1. 658 Posts.
    lightbulb Created with Sketch. 8
    I agree the performance fees are effectively just a bonus for shareholders and as each of the funds gets more mature the high watermark makes it more difficult to eke out a pf. That's why new mandates are always nice.

    The retail inflows are just as nice as a pf. Its good sticky money at a very high MER. We should net 1% from these funds.

    I also think there will be a few more international insto wins this year, as flagged by Hamish.

    This is not a raging buy but is a nice anchor to my portfolio. I think fair value is around $23-24.
 
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