This comes after the ASX fund manager released its latest FUM figures.
The post Magellan (ASX:MFG) share price rises after falling earlier appeared first on The Motley Fool Australia. –
The Magellan Financial Group Ltd (ASX: MFG) share price is having a rollercoaster day today. Earlier in the day, the Magellan share price was falling. But in late afternoon trading, Magellan shares are up 0.24% to $53.83 a share.
So what’s the latest from this ASX fund manager?
Well, this morning, we got Magellan’s latest funds under management (FUM) figures. And they make for some interesting reading.
Magellan reported that its FUM as of 30 June 2021 stood at $113.9 billion. That’s up 7.4% from the previous month’s figure of $106.05 billion. This was made up of $30.88 billion in retail investor FUM. And $83.02 billion in institutional FUM. These figures were both up from last month’s $23.03 billion and $77.02 billion respectively.
All of Magellan’s fund groups experienced increases. But in pole position was Global Equities, which managed to grow from $79.33 billion of FUM in May to $85.44 billion by the end of June.
Additionally, Magellan informed investors that it had also experienced net outflows of $351 million for the quarter ending 30 June 2021. This means that the lion’s share of the increase in FUM would have come from rising share markets and asset prices. These were clearly enough to overcome this net outflow of invested capital.
On a final note, the company also told the markets that it is entitled to collect approximately $30 million in performance fees for the 2021 financial year.
How are Magellan’s funds performing?
Let’s also take a quick look at how Magellan’s funds are performing. The flagship Magellan Global Fund (ASX: MGF) is currently up 10.77% (as of 30 June) over the past 12 months. It (or its unlisted equivalent) has also averaged 13.21% per annum over the past 3 years, 14.37% over the past 5 and 11.92% since the fund’s inception in 2007. Meanwhile, the Magellan High Conviction Fund, which is mirrored by the ASX listed Magellan High Conviction Trust (ASX: MHH), is up 17.38% over the past 12 months. It has averaged 12.09% over the past 3 years, 15.15% per annum over the past 5 and 15.03% since its inception in 2013.
Should you invest $1,000 in Magellan right now?
Before you consider Magellan, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Magellan wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of May 24th 2021
Motley Fool contributor Sebastian Bowen owns shares of Magellan High Conviction Trust. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.