Originally Posted by
Lizard
MFF are an interesting comparison (I currently hold both). They are yet to return to $1 listing price (currently 92.5cps) and are only just about to pay their first dividend (1cps). Yet, based on the growth in FUM for manager (almost 50% pa in past couple of years), MFG, one would have presumed their management were one of the best in the game.
MLN share price is now considerably lower at 70cps, but, by my calculations, they have paid out a total of 21.96cps in dividends. Even without allowing for these being re-invested (and with no consideration of tax or forex comparisons), it appears that MLN and MFG have produced relatively similar returns since launch at "share price+dividends" level... yet at NTA level, MLN is carrying 13.25cps discount versus MFF's 3.5cps.
As I read it, despite current investor criticisms of Fisher Funds as managers and investor praise for Magellan, Fisher may have actually produced the better return for their investors over time in this particular comparison.