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MFG, MAGELLAN FINANCIAL GROUP
Lizard
post Posted: Jan 6 2010, 01:39 PM
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In Reply To: AgentCooper's post @ Jan 5 2010, 05:23 PM

Yes, another good month for MFG. Unless there is another major turmoil on world markets, MFG have several factors working in their favour:
  1. Rise in value of underlying shareholdings within MFF, MGF, MIF
  2. Reduction in discount to NTA for MFF holdings
  3. Increased FUM due to performance, giving increased fee revenue
  4. Re-rating of the value of the funds business to more "normal" levels (i.e. 10-15% of FUM)
  5. Probable entry into S&P 500/(300?) encouraging greater coverage


The growth in FUM is pretty impressive - at this rate, will catch up with HHL by 2011.

 
AgentCooper
post Posted: Jan 5 2010, 05:23 PM
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In Reply To: Lizard's post @ Dec 27 2009, 05:44 AM

Another GREAT month of FUM growth for Magellan in December.....net inflows of $76m on top of asset growth.

Overall FUM has grown 77% in the last 6 months...from $393m in Jun to almost $700m now. And $1 isn't that far away now....

lizard: thanks for the number crunching, too.

 
Lizard
post Posted: Dec 27 2009, 05:44 AM
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In Reply To: AgentCooper's post @ Dec 25 2009, 02:36 PM

Hi Agent Cooper,

I figure net asset value must be about 70cps based on market value of assets - MFF has a 17% discount to NTA (excluding deferred tax assets) which translates to about 5% discount for MFG assets overall. That leaves the funds management business valued at around $25m for $602m of FUM.

Also, as you point out, FUM has grown by more than 50% in five months. Still small, but might have overtaken AEF now (although AEF has a higher fee structure, so will earn more fee revenue - also a higher cost structure).



 
AgentCooper
post Posted: Dec 25 2009, 02:36 PM
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In Reply To: Lizard's post @ Dec 24 2009, 08:38 AM

This one is starting to make another move north after bottoming out at 77/78 a few weeks back. Closed yesterday at 87c and looking good for a push to 100c. The FUM has gone ahead in leaps and bounds this year and that, of course, means more fee $$ coming through the door.

It may even be time to load up with a few more.

Also intersting to note that James Packer does not appeared to have sold any of his holding. He was liquidating a lot of stuff in recent months but his MFG holding - along with his CRZ - appears untouched.

I am a big fan of MFG....but have been down "ön paper" for quite awhile but I am glad I never liquidated my position as I had done with many other stocks in the last 18 months. I remain VERY impressed with the management after having attended the AGM in October.

This remains a long term hold for my Super FUnd.

 
Lizard
post Posted: Dec 24 2009, 08:38 AM
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The NTA for MFF has finally started to break north in the last few weeks, with forex no longer negating the gains in share prices. Good for MFF. Double good for MFG.

Also, correct me if I'm wrong, but I don't think MFG is in the All Ords yet - maybe a candidate in 2010?

 
AgentCooper
post Posted: Sep 29 2009, 07:58 PM
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In Reply To: AgentCooper's post @ Sep 27 2009, 01:38 PM

http://www.iii.co.uk/articles/articledispl...section=Markets
28th Sep-09

QUOTE
It's a lesson not lost on the other side of the world in Australia, where Magellan Asset Management's flagship Global fund was recently named as one of the best of its kind in the world. The fund is heavily weighted towards consumer sector shares, such as Nestle, Danone, McDonald's, Coca-Cola and PepsiCo, as well as service shares such as eBay and Google. About 70% of its assets are in North America.

Hamish Douglass, managing director of the Global fund, says 50% of the fund is invested in global multinational consumer franchises that have significant proportions of their earnings coming out of the major emerging markets. "We believe that economic growth in the coming years is going to be very subdued in the developed economies, but we are strong believers that there is going to be very strong growth out of the emerging markets."


Looking forward to attending the AGM next month.

 


AgentCooper
post Posted: Sep 27 2009, 01:38 PM
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In Reply To: Lizard's post @ Sep 26 2009, 06:54 AM

Well done on the trade lizard. I added another 10,000 to my holding at 78c recently, but have held many more for over 2 years now. I set myself some targets earlier this year when they rebounded over 60c and contented msyelf with the hope they might get back to $1 by Jun-10. Obviously, we are well on track, and I have no reason to want to sell this one now...not with directors buying big parcels in recent weeks.

I am very much looking forward to the AGM for 2 reasons:

1) - Mackay & Douglass give REALLY interesting commentaries on the markets and
2) - they give out great freebies - like chocolate bars, chips soft drink etc from the stock of companies they invest in via MFF!! biggrin.gif

I hold MFG in my Super Fund, and have "followed" the MFG managers buy making direct investments into both EBAY and GOOG which have also done very well - all things considered - on a 2 year basis. I am break even on both, and my MFG shares will be held for as long as the outlook for their businesses looks sound.

I also enjoy reading what these guys have to say on the - rare -ocassions they pop up in the mainstream media.


Good luck

Coop

PS: the fees charged by manaegment concern me not the slightest. I think that in relative terms, anyone's concerns are unfounded, and Mackay & Douglass act with the utmost integrity.


Said 'Thanks' for this post: Lizard  
 
Lizard
post Posted: Sep 26 2009, 06:54 AM
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In Reply To: Lizard's post @ Sep 2 2009, 10:32 AM

Looks like FUM has increased by another 4% to $500m in the month between prelim report and annual report. Most of the $19m increase seems to have been in the Magellan Global Fund which is up by $17m or about 17%.

I've sold down the short term trade recently, but left enough in the long term holdings to keep interested.

 
Lizard
post Posted: Sep 2 2009, 10:32 AM
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In Reply To: wren's post @ Sep 2 2009, 10:14 AM

Hi Wren,
I didn't think they looked too bad when I went through the report, but not my area of expertise.

Base fees:
MFF - 0.3125%/qtr (roughly equivalent to 1.25% pa)
MGF - 1.26%pa
MIF - 0.96% pa

Performance fees don't look exceptional either - at 10% of the outperformance over the hurdle index plus requirement that return in the period exceeds the Aus govt 10-yr bond rate (so no performance fees last year).

I thought "normal" was around the 1-2% level for most funds, but I confess that I've not really looked at fund fee levels for a few years.

 
wren
post Posted: Sep 2 2009, 10:14 AM
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In Reply To: Lizard's post @ Sep 2 2009, 10:07 AM

Hi lizard,
Would closely examine these guys' management fees.They don't hold back in that area.

 
 


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