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The Magellan Financial Group Ltd share price just hit a new all-time high

The Magellan Financial Group (ASX: MFG) share price just hit a new all-time high of $28.27.

Shares of the Australian fund management company are up 21% in the past year, and 1134% over the past 10 years.

According to Google Finance, Magellan Financial Group Limited is a fund management company. The Company’s objective includes offering international investment funds to high net worth and retail investors in Australia and New Zealand, and institutional investors across the globe. Its segments include Funds Management, Principal Investments and Corporate.

MAM’s funds management activities comprise acting as trustee, responsible entity and investment manager for the managed investment schemes offered primarily to Australian and New Zealand investors. The principal investment portfolio comprises its investments in the Australian Stock Exchange (ASX) Quoted Funds, the Unlisted Magellan Funds and the Frontier MFG Funds.

Shares have risen after the company announced strong, repeated fund inflows so far this year, despite a plunge in reported revenues and profits for the half year to 31 December 2016.

At a price of $28.27, Magellan is priced at an estimated 27 times earnings and pays a 2.7% trailing dividend.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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