Australia's Magellan Financial slides as fund changes, closures weigh

Magellan Financial

05/05/2026 01:50

** Magellan Financial MFG.AX slid as much as 7.9% to A$9.52, their lowest level since April 22

** Fund operators’ shares lead losses in the financials subindex .AXFJ, which is down 0.6%.

** Co says the 'Magellan Global Fund - Open Class Units – Active ETF' and the 'Magellan Global Fund Hedged' will shift to Vinva’s Global Alpha strategy with Vinva appointed manager, while the Magellan Global Equities Fund (Currency Hedged) is slated for closure

** Adds, the changes best serve unitholders, reflecting changing client needs, portfolio trends, among other reasons

** Flags a 55‑bps avg fee cut, ~A$7 million in annual cost savings from these changes, others

** YTD, MFG has fallen 3.7%, lagging the AXFJ index’s 1.7% gain

($1 = 1.3970 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))