Is it finally game on at the Magellan Global Fund, the investment vehicle that has caught the attention of Keybridge Capital’s Nick Bolton and his offsider, ex-Domain chief executive Antony Catalano?
However, the board has not stood idle. It has launched an aggressive on-market buyback, helping to narrow the discount from a high of 22.9 per cent last year. And the performance of the fund has improved, returning 17.24 per cent over the past six months and besting its benchmark by 1.55 per cent.writing to unitholders to ask them to join him to force the company to the negotiating table
“Feedback from unitholders has been overwhelmingly positive,” Bolton told Street Talk. “Nobody enjoys their units trading at a large discount. Despite Magellan commenting that the discount is ‘even better than the Christmas sales’, we consider the discount to be both unfair and unnecessary.”