The Magellan Financial Group Ltd (ASX: MFG) share price is on the move on Wednesday morning.
At the time of writing the fund manager's shares are up 1% to $59.59.
This means the Magellan share price is now up 19.9% over the last 12 months from $49.70.
Why is the Magellan share price on the move on Wednesday?
This morning Magellan released its latest funds under management (FUM) update for the month of September.
According to the release, Magellan experienced net inflows of $1,198 million in September. This included net retail inflows of $239 million and net institutional inflows of $959 million.
This ultimately led to the fund manager's FUM increasing 1.2% month on month to a total of $102,088 million. This comprises Institutional FUM of $74,397 million (up 1.4% month on month) and Retail FUM of $27,691 million (up 0.7%).
Where in the market is the money heading to?
Australian equities were out of favour with Magellan's investors in September. The total FUM invested in this side of the market fell 3.1% during the month to $7,158 million.
Global Equities continue to be the most popular destination for its FUM, with $77,655 million invested here. This is a 0.7% month on month increase and represents 76% of its total FUM.
However, the area of the market where the majority of its inflows went last month was Infrastructure Equities. The total FUM invested here lifted 5.6% during the month to $17,275 million.
Investors appear confident that infrastructure is the place to be right now as governments invest heavily in the space to reignite their economies following the pandemic.
The Magellan Infrastructure Fund has been designed to provide investors with efficient access to the infrastructure asset class, while also protecting capital in adverse markets. It invests in the likes of Atmos Energy, Xcel Energy, and Transurban Group (ASX: TCL).
