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MFG, MAGELLAN FINANCIAL GROUP
nipper
post Posted: Aug 13 2019, 09:16 AM
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Magellan Financial Group has hired Macquarie Capital to manage a capital raising. The Hamish Douglass-led manager is seeking to raise $275 million at $55.20 each to fund the next period of growth.

The shares were placed in a trading halt on Tuesday morning
- thought to be a "Retirement Product/ package"?

Results today



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Jul 24 2019, 11:14 AM
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SP broken thru the $60.00 - currently $60.35
https://www.shortman.com.au/stock?q=mfg

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
kahuna1
post Posted: Jul 10 2019, 06:21 PM
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In Reply To: nipper's post @ Jul 8 2019, 11:01 AM

Howdy,
yep agree with all you said.MFG did need to alter its structure at the beginning, they did so ... but yes looked not so great for shareholders. That was a long time ago.
I hold no envy .... u would laugh ....
My concern, a well founded one, is rules that were adhered to during the beginning and for a long time have gone out the window.Time will tell on the likes of say Amazon with a 11 billion profit , NO TAX paid, no dividend ever .... at 1 trillion market cap. So for me a P/E of 100.
Whilst I don't think he holds this dog .... he holds many others who pay ... less than 10% globally in tax and evade ... it ... and are fully valued on a NPAT price and if ... which is a big if ... these people have to pay any tax to Australia, or UK or EU ... profits will get slammed since they pay 2% or less tax to Aust and less to the EU ...
I have shall we say, concerns about China and the antics of Trump. Well founded ones.When you have a global trading partner who imposes tariffs and even sanctions ... and outlaws a competitors tech for what 27 EU nations thought was BS ...

Well ... India aint ever going to become a customer in any meaningful way if they ever get there, China has no choice but to produce HOME grown competing tech and ... well sell it as well to the rest of the world.
For now .... saving grace of the funds performance is one thing only .... ONE ... holding a lot of these things that even if the world went perfectly are fully priced for 2030 ...
Fully.
Adding to this, at all time highs ?
Much like the bank Hamish worked for ... Deutsche and him being very senior there, they just split in half ... a bad bank and a good bank and neither side likely to goon without more funds.
The new CEO ... Brett Cairns, better ... but it seems to be a place run by a Trump like personality.
Maybe the market goes to a zillion gazillion ... but ... with the lower 50% in the USA now having NO NET worth and in fact negative net worth .... the lower 80% and whole middle class with a mere 7% of the wealth down from a not so good 24% in 1980 .... but falling off the cliff post 2000 and even sharper post 2010 ...
who is going to buy the things the USA clowns make ? China with their new social credits system will just put 500 minus points on buying any USA made product which means ... no travel ... no bank account ... no property and well ... sorry ... USA has done it to itself.
Going to be an amusing few years.




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All views expressed are my own opinions. While I take every care when posting no guarantee to the absolute veracity of the postings is given or implied. Please do your own reseach and consult a professional investment advisor before investing.

Said 'Thanks' for this post: nipper  early birds  
 
nipper
post Posted: Jul 8 2019, 11:01 AM
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In Reply To: kahuna1's post @ Jul 7 2019, 08:20 PM

yeah K1, the Magellan story invites a lot of manager envy in the towers of downtown Sydney and Melb. I agree the $1 shareprice looks better than @ $55, but Magellan in 2007 was an unproven story, just getting off the ground (and soon to be buffetted by the GFC like them all). And only had small FUM, very few insto mandates. (which allowed for flexibility when 2008-09 came along; quick out/ quick in, so they smelled better than larger funds looking back at that time.) Hamish D was like Eddie Everywhere, happy to pop up and present in the hope of getting the money rolling in, until the complexities of scale came along. (Chris Mc stayed in the background)

Back then, I heard the story but have never liked unlisted funds so I went into MFF not the Global Fund. For the same reason, the management structures behind these fund managers aren't necessarily aligned with other shareholders. Too many uncontrollable circumstances: Options issuance, used as 'golden handcuffs', plus the double alpha consequence of having earnings based on FUM which is a two way street. Get the portfolio right and the returns pull in the punters, together with the increased prices of assets, but this can "turn on a dime". When outflow happens, often liquidity constraints mean good stuff goes out the door as well as the dross. And scale .... great for margins, terrible for nimbleness.

quite happy with MFF



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: kahuna1  
 
kahuna1
post Posted: Jul 7 2019, 08:20 PM
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In Reply To: nipper's post @ Jul 7 2019, 05:41 PM

Hmm ...
well if you go back to page one of this thread ...Someone ... was a big fan of them ... at $1-

Now ? At $55- less so.
Nothing like sell low and buy into all time highs. that's what the fund is doing. Going from 18% cash to likely 8% at the all time high ....

I tend as most know to NOT love things when they go ... nuts and reduce ....


I am well aware of the activities of this company, its funds and in the case of MFG ... very poor record on macro issues and terrible action when investments dont work out. Most would reduce ... say tesco but he added, most say would reduce IBM when results did not match expected ... nope ... just the erosion of an index on fire via no tax paid anywhere to anyone ... covers all sins.

Holding 18% cash whilst market rallied 60% from 1800 to 2900 in the S+P ... and a whopping 30% in tech companies ... in 1999 ... went well.
What was 4.8% holding in IBM from i think 2014 went so well ... then again ... others Microsoft doubled ... the other did not rise.
I am not even sure the blind can see how wise it is not to be adding to things at the highs. I cant wait to see the end of June cash balance likely he has managed to buy 10% at the all time highs.


Congrats .... I do expect ... S+P to likely go a bit higher, but its not fruitful predicting stupidity either side.
Meanwhile tech side, Trump actions ... the most R+D staff on the planet by a factor of 5 ... are inside China ... and its now faced with no Android ... no chips or the threat of ... and well planes with shitty software ... I do note amusingly Boeing which also sells defense stuff rallied 50% ....

I would, well ... be blinking ... not adding and ... well ... wondering if someone will demand Google or Apple or Chevron or a long list pay tax overseas let alone inside the USA.

Or maybe ... well what China being forced even to drop Microsoft from all systems will do with its home grown version likely costing 10% of the other ?

Its like my faithful Moterola flip phone a digital that ... cost $3,000 plus ... was great but then they announced digital and it lasted 3 years .... now .... well its normal to pay $1,000- for some for a phone every year. I do prefer ... the $300- one that does an I5 Apple equiv and has a battery life double that one.
Then again, I know not a thing .... Hail Hamish .... your a legend will it be 8% cash v 18% a few months ago ? Do I have some pre NASDAQ 2000 crash tip hot stocks for you !!



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All views expressed are my own opinions. While I take every care when posting no guarantee to the absolute veracity of the postings is given or implied. Please do your own reseach and consult a professional investment advisor before investing.

Said 'Thanks' for this post: nipper  
 
nipper
post Posted: Jul 7 2019, 05:41 PM
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In Reply To: kahuna1's post @ Jul 7 2019, 02:47 PM

Magellan Financial Group was formed in 2006. MFG is a funds management business. Its performance as a listed entity is dependent on fees received from funds under management, institutional and retail, and this is dependent on success/ outperfromance (plus luck, chutzpah, being in right sector at right time)

Magellan’s investment strategies are focused on global equities, global listed infrastructure, sustainable and, through our wholly owned subsidiary, Airlie Funds Management, Australian equities. Investment strategies are available via unlisted and ASX-listed funds.



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: kahuna1  
 


kahuna1
post Posted: Jul 7 2019, 02:47 PM
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Tee hee ....
I always like seeing stupid in action.

Cant wait to see how much of cash he has invested at the high .... by end of June.
39% of holdings in tech 1999 and 2019 ... looks great.

Not sure how many made it past 2002.
Run Forrest Run !! Hamish is a hero .... World Economic Forum member who ... well ... never mentions tax.



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All views expressed are my own opinions. While I take every care when posting no guarantee to the absolute veracity of the postings is given or implied. Please do your own reseach and consult a professional investment advisor before investing.
 
nipper
post Posted: Jul 6 2019, 01:03 PM
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There's no stopping Magellan as the fund continues to grow with more than $86.7 billion under management and new figures showing it drew in nearly $500 million in new funds last month.

The globally focused Magellan has seen its funds under management grow more than $17bn over the past financial year. The inflow of $488m last month included net retail inflows of $132m and net institutional inflows of $356m.

Most of Magellan’s funds are tied up in global equities ($64bn), infrastructure ($15.1bn) and Australian equities ($7.5bn). Magellan’s funds have major stakes in US tech and financial stocks, including Google parent Alphabet, Facebook, Visa and Apple.

Average funds under management for the 12 months ended June 30 reached $75.8bn, up sharply from $59bn last year, ­according to figures released by the company. Magellan noted that it is entitled to estimated performance fees of about $83m for the year ended June 30..

Magellan closed yesterday’s session up 1.7 per cent at a record high $55.36 .



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Feb 12 2019, 09:00 PM
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Sources said Magellan had ex-BlackRock operative Paddy McCrudden and Brett Cairns working on a post-retirement product, that could blow the market wide open.

They're said to be in talks with regulators - "twin peaks" the Australian Securities and Investments Commission and Australian Prudential Regulation Authority - with an income and retirement product that would be pitched at the country's ageing population.

As it stands, annuities are available via other avenues, but they're costly and Magellan reckons it might be able to come up with a more affordable option which would be annuity-like in nature but with a couple of twists. Magellan has had its new strategy in development for a couple of years, and is said to be six months away from the seeding stage.

It'll be interesting to see whether Magellan can make it work. The firm has had success with innovations in the not too distant past - including opening up the active ETF market - but annuities and annuity-like products are a notoriously tough nut to crack. They may make a lot of sense for Australians reaching retirement age, but they're proving very slow to catch on.
Street Talk
https://www.afr.com/street-talk/is-a-twist-...20190211-h1b3gq



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 4 2018, 11:06 AM
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Magellan Financial Group co-founder Hamish Douglass is stepping down as chief executive and will become chairman, switching roles with current chairman Brett Cairns.

​Mr Douglass will remain as chief investment officer and lead portfolio manager of the fund's global equities strategies while Dr Cairns will assume all operational duties, the company said a statement to the Australian Securities Exchange ahead of the its annual general meeting.

"These changes reflect a considered evolution of Magellan with day-to-day operating management of the company being overseen by Dr Cairns, and Mr Douglass' increasing focus on his key role as chief investment officer and the lead portfolio manager of Magellan's global equities strategies," the statement says.

Magellan also updated the market on its assets under management, which declined slightly in September from $74.6 billion to $74.5 billion. The fund secured $60 million of retail net inflows during the month and $26 million of institutional flows.

Dr Cairns joined Magellan in January 2007 as a non-executive director and became chairman five years ago.

The company has been a stellar performer on the ASX over that period as its market capitalisation has swelled from $200 million to $4.8 billion




--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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