Magellan Financial Group Ltd (ASX:MFG) shares ripped more than 10% higher yesterday closing at $27.00, near their daily high of $27.05.
On a day when Platinum Asset Management Ltd (ASX:PTM) was down 3.5% after revealing expectations for a weak December half, rival Magellan proved more than resilient.
Platinum said that recent falls in equity markets means it will record an unrealised loss on its seed investments and also receive little in the way of absolute return related performance fee income for the December half.
Magellan showing its class
Before market on Tuesday Morning, Magellan revealed that during December 2018, it experienced net inflows of $41 million.
This comprised retail inflows of $90 million and institutional outflows of $49 million.
To record net inflows during a period of such volatility speaks to the respect and resilience the Magellan brand has developed.
MFG, PTM, PPT relative to their share price highs
With equity indices having retraced significantly from their highs, many individual stock prices have followed suit.
Magellan is a rare standout in this category being only 8.5% from its all-time high of $29.52 in 2018.
By comparison, Platinum is 50% from its all-time high of $9.39 in 2015 and Perpetual Limited (ASX:PPT) is 42.3% from its all-time high of $58.48 in 2015.