The Magellan Financial Group Ltd (ASX: APX) share price climbed around 1.6% to a record high of $53.70 today despite the Sydney-based international equities manager not releasing any specific news to the market. Magellan shares are now up around 126% plus fully franked dividend payments of $1.68 over just the past 12 months to mean the fundie is closing in on a $10 billion valuation.
The stock is probably rising today on the back of the US S&P 5oo and Nasdaq indices of leading US companies hitting record highs this week with Magellan investing particularly heavily in the blue-chip tech sector.
The end of the financial year and performance track records also means analysts may be running the numbers on final performance fees that now directly contribute to the amount of Magellan's final performance fee linked final dividend.
Magellan is likely to reveal total funds under management (FUM) as at June 30 2019 in the next few trading days with total FUM recently sitting around $82.8 billion, which compares to $63.3 billion at the same time last year.
Its FUM growth has left other equity managers such as Perpetual Limited (ASX: PPT) in its wake.
