The Magellan Financial Group Ltd (ASX: MFG) share price is heading north today following the company’s funds under management (FUM) update.
At the time of writing, the fund manager’s shares are swapping hands for $17.27, up 3.29%.
For context, the S&P/ASX 200 Index (ASX: XJO) is also in the green, trading at 7,343.4, up 0.53%.
FUM outflows continue for Magellan
Investors are digesting the latest FUM report, sending the Magellan share price to a two-month high.
In its release, Magellan reported that total FUM have fallen by $1.4 billion in net outflows between 31 March to 29 April. This comprises a drop of $900 million from retail investors as well as $500 million from institutional clients.
Across the board, total FUM stood at $68.6 billion at the end of April.
Global equities made up more than half of the FUM, with a decrease of $1.6 billion to $38 billion recorded. However, infrastructure equities registered a slight increase to $20.7 billion, and Australian equities remained at $9.9 billion.
The exchange rate fared in favour of the United Stated dollar with the conversion at 0.71065 USD. This compares to the 0.75095 USD rate at the end of March.
Magellan share price snapshot
Since the beginning 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 has also fared no better, with losses of around 18% so far in the past five months.