MFG - Magellan Financial Group

[finicky]

More on MFG from 'Market Matters' today:

Magellan Financial Group Ltd (MFG) $9.49

The retirement of Gerald Stack after 18 years at the firm has knocked MFG for 6! Gerald looked after the Magellan Infrastructure Business which had managed to retain FUM even through the dark days of Hamish Douglas’s exit. Gerald is seen as a very good operator in the space, well respected, and many believed the Infrastructure FUM was there because of Gerald, not because of Magellan. MFG will release a FUM update for January out in the next few days we suspect, however based on the December update, Infrastructure accounted for 43% of total FUM, so it’s significant. Fund manager share prices follow flows, and we are concerned (as is the market) that this will now lead to further outflows from MFG after a period of stabilisation and improvement. The market will no doubt take MFG too far again given scares left from Hamish’s exit, with UBS downgrading the stock to a sell after the news broke – a good call, despite what they say is upside risk to the company’s non-core business performance and potential for capital management. We bought the stock into weakness last year before exiting above $11. However, with Trump weighing on risk assets we will be much fussier before considering a second crack at this volatile fund manager who could endure further redemptions following Stacks departure. We like the risk/reward for MFG back around $8 support.

MFG​ MM is neutral towards MFG

 

[frugal.rock]

Jun Bei and her new firm TenCap has got this shorted as per yesterday's Switzer Report.

It was the only stock she was willing to state was shorted...
I wish her well in her new venture.