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I have been following MFG with the view of acquiring shares. They appear to be travelling extremely well. Of course the latest big news for Magellan is the Global Trust which has had reasonable reviews including from your Report.
In my understanding the 4% income representation may direct substantial funds to interest bearing securities [I realise that my comment is probably an over simplification] but never the less leaving less funds for investment in Magellans more usual investment mode. Less profit [management fees] The Global Trust is a huge commitment if the subscriptions reach the billions and I have an uneasy feeling that for several years at least the returns to shareholders will be meagre.
Do you believe management fees will suffer and as a result a negative flow onto the shareholders in MFG?