Outflows continuing for Magellan

Oof. Everytime I think Magellan are starting to stem the outflows of FUM the subsequent month comes along to show they aren't quite there yet

Well we're back to acceleration of net outflows. $3.2 billion of the $3.6 billion of outflows were from institutional investors. Supposedly of the $3.2b, half was from the one client with liquidity issues.

Magellan has released their funds under management for the month. The trend continues, still outflows albeit further slowing. Will the tide finally turn in the coming months? I'm guessing no but time will tell

The latest Funds under management have been released by Magellan. Things still trending the wrong way. $5.2b net outflows total, $3.5b being institutional, $1.7b being retail.

https://cdn-api.markitdigital.com/apiman-gateway/CommSec/commsec-node-api/1.0/event/document/1410-02540154-2MI4U49V2DES0PB1MBB7O7V81R/pdf?access_token=0007PeDQg4AO0eHri9J0AHSu4DOT

Magellan has released its funds under management up until the end of May. They're are still going backwards

MAGELLAN FINANCIAL GROUP LIMITED (‘MAGELLAN’)

FUNDS UNDER MANAGEMENT (FUM) UPDATE1 AS AT 31 MAY 2022

A$ billion 31 May 2022 29 Apr 2022

Retail 23.6 24.8

Institutional 41.4 43.8

Total FUM 65.0 68.6

Global Equities 35.2 38.0

Infrastructure Equities 20.7 20.7

Australian Equities 9.1 9.9

Today I bought a small parcel of shares IRL of Magellan. Do I think there is more bad news to come, probably. Will there continue to be outflows, likely. Will future dividends be slashed, possibly. Should I be trying to catch a falling knife, absolutely not. However this mob have copped an absolute pasting in their share price recently and while their rockstar (Hamish Douglass) is gone, there are still some very smart operators in this business and I think in the long term the current share price could be extremely cheap.

Now that I have a vested interest I will be following along closely and once I see evidence of the tide turning and some share price momentum in the right direction I will start to top-up. Unless I'm wrong and it means I'll take a smallish loss but I think it is worth the risk. I won't add a valuation as yet as I'm not even sure how to given the current mess they are going through.