The Magellan Financial Group Ltd (ASX: MFG) share price is rocketing today following the company's funds under management (FUM) update.
At the time of writing, the fund manager's shares are swapping hands for $17.21, up 11.24%.
In contrast, the S&P/ASX 200 Index (ASX: XJO) is having another tough day and trading at 7,459 points, down 0.41%.
FUM outflows continue
Investors appear to be shrugging off the latest FUM report, sending the Magellan share price to a 1-month high.
In its release, Magellan reported another $1.1 billion in net outflows between 11 March and 31 March. This comprised $500 million from retail investors and $600 million from institutional clients.
Furthermore, the company received notice that a further $200 million will be redeemed.
Across the board, total FUM stood at $70 billion at the end of the March quarter.
Global equities made up more than half of the FUM with $39.6 billion recorded. Next in line, infrastructure equities registered $20.5 billion, and Australian equities came to $9.9 billion.
The exchange rate fared slightly in favour of the Australian dollar with the conversion at 75.95 US cents.
About the Magellan share price
Since the start of July 2021, the Magellan share price has continued to tread downwards despite today's gains.
Reaching a 52-week high of $56.18 on 2 July 2021, this means the company's shares are down by roughly 70%.
Year to date it's no better, with the Magellan share price losing about 20% over the four months.
Magellan has a price-to-earnings (P/E) ratio of 9.6 and a market capitalisation of roughly $2.87 billion.
