Magellan share price lifts as FUM tumbles again

What’s the numbers in Magellan’s funds under management report?

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A graphic showing a businessman running up a white upwards rising arrow symbolising the soaring Magellan share price today

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Key points

  • Magellan shares rise 3.29% to a two-month high of $17.27 
  • The company has released its latest FUM report revealing a fall in outflows of $1.4 billion 
  • At the end of April, FUM stood at $68.6 billion 

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.

Magellan has a price-to-earnings (P/E) ratio of 10.12 and commands a market capitalisation of around $3.19 billion.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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