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MFG, MAGELLAN FINANCIAL GROUP
nipper
post Posted: Today, 11:04 AM
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Global equities manager Magellan will offer diversified portfolios at a cost of just half a per cent traded on the stock exchange as part of its latest push into the retail investor market.The MFG brand will be the equivalent of what iShares is to BlackRock, but Magellan, which is better known for higher-cost and higher-conviction stockpicking, doesn't have a problem if financial advisors or clients want to trade down from its better strategies

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.Jack Bogle and others have done an enormous service to society, chairman Hamish Douglass said, referring to the late founder of Vanguard and the father of passive investing. But I also think there is a very real place for truly active managers and ultimately they live or die with their strategies.

Magellan refused to be bound by the "incumbent's dilemma", Mr Douglass said. My view is that anybody can compete with us at any time and we shouldn't be afraid to compete internally. Frankly I dont care, if an investor wants to move to a lower cost product, theyre going to move.


On Wednesday it revealed plans to make a lowfee MFG Core Series and the Magellan Sustainable Fund available to investors via exchange quoted open ended funds. MFG is targeted at investors seeking diversified portfolios, and makes available the MFG Core International Fund, the MFG Core ESG Fund and the MFG Core Infrastructure Fund.

The portfolios will be constructed with Magellan research and a view to owning quality businesses and really thinking about disruption in the future.

Last week, Magellan proposed simplifying its three retail global equities products into a single $15 billion strategy with dual classes of units.

"This is a large and growing space and we believe that could become a material part of Magellans funds under management over time," Mr Douglass said. It will be available on Chi-X by the end of 2020 or directly.

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Magellan Financial Group reported 25 per cent growth in management fees and a 3 per cent drop in performance fees defying volatile markets to grow funds under management by 26 per cent.

The company will pay a $1.22 final dividend on August 26, where 91.6 is from operations and 30.4 is from performance fees.

Net profit rose 5 per cent to $396.2 million or 20 per cent to $438.3 million on an adjusted basis.

Chief executive Brett Cairns and Mr Douglass waived their bonuses for 2019/20 in light of a company wide salary freeze. Magellan also brought forward the payment of all outstanding deferred cash bonuses (except for the chairman and CEOs) to soften the blow to employees. That cost Mr Douglass $5 million in incentives that he qualified for and Mr Cairns $772,500.

The fund forthcoming retirement product is delayed as a consequence of COVID-19, but Magellan said the project received necessary ruling from the tax office, stating: We continue to work with the remaining regulators with a view to launching the product once all necessary approvals have been obtained.







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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: Jun 4 2020, 02:56 PM
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Magellan hails new era for active ETFs with Airlie launch
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Funds management giant Magellan has heralded the arrival of the Quoted fund era with the listing of its Airlie Australian Share fund on the stock market.

The Australian equity fund has existed as an unlisted fund but it is now concurrently available for investors to buy and sell on the exchange in addition to the traditional application and redemption process.

Quoted funds have been billed by some as a potential game changer in funds management as it allows managers with open ended unlisted funds to raise money on the exchange.

Magellan chief executive Brett Cairns told The Australian Financial Review that quoted funds were the "next evolution" in accessing funds management products following the advent of listed investment companies, unlisted funds, exchange traded funds and active exchange traded funds.

"It's a logical extension and simplifies access for investors and provides more choice," he said.

Fund administrator Mainstream said it invested heavily in creating the single system that could handle listed and unlisted funds in a repository with a share registry allowing exposures to be interchanged.

"An investment manager of an unlisted unit trust can now also have access to listed distribution channels without paying for dual fund structures or bespoke messaging systems, said Martin Smith, the chief executive of the fund administrator, Mainstream.


The Quoted Fund structure has been speculated as being an integral part of Magellan's future plans to deliver retirement products.

Magellan also reported on Thursday that its assets under management had grown from $96.9 billion to $98.45 billion in May, of which Australian equities account for $7.09 billion. In May, the group experienced net outflows of $288 million.

The Airlie Australian Share Fund will trade under the ticker AASF as of Thursday



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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 2019, 11:08 AM
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QUOTE
Magellan Financial Group ruled off its funds under management for September at $92 billion, almost unchanged since the end of August.

In September, Magellan experienced net inflows of $462 million, which included net retail inflows of $175 million and net institutional inflows of $287 million.

The Magellan High Conviction Trust has indicatively raised $862 million
but that is not included in the fund manager’s September numbers.

that's a lot of conviction. (10-15 stocks max.) How easy to exit if the luv dries up?



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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: Aug 13 2019, 09:16 AM
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QUOTE
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.

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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.
 
 


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