Financial Services: Fund managers - mark to market
About the author:
- Author name:
- By Scott Murdoch
- Job title:
- Senior Analyst
- Date posted:
- 09 May 2023, 7:00 AM
- Sectors Covered:
- Diversified Financials, Professional Services
- We mark-to-market forecasts for GQG Partners (ASX:GQG), Pinnacle Investment Mgmt (ASX:PNI) and Magellan Financial Group (ASX:MFG).
- Market moves for CY23 to-date (April) include: ASX200 +3.8%; MSCI World +9%; MSCI World AUD +12.5%; S&P500 +8.6%; FTSE +5.6%; AUDUSD -3%.
- Flows performance to Mar-22: GQG +US$5bn; PNI +A$1.9bn; MFG -A$5.2bn.
- FY23 EPS changes: GQG +3.4%; PNI -2.8%; MFG +3.4%.
- We remain positive (Add rating) on GQG (strong flows; undemanding valuation) and PNI (diversified business model and strong long-term growth).
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