Magellan Global Fund
Magellan Asset Management has restructured its Magellan Global Fund to absorb the Magellan Global Trust (MGG) and the Magellan Global Equities Fund (MGE).
The fund invests in 20 to 40 world-class companies.
The restructured fund - which now has $16 billion in funds under management - offers Closed Class Units and Open Class Units. Open Class Units began trading with the ticker MGOC on 9 December 2020 and Closed Class Units began trading on the same day with the ticker MGF.
The Open Class Units are open-ended and the fund manager can issue or redeem them on a daily basis. They are also subject to the ASX's AQUA rules, whereas the Closed Class Units are "closed-ended" and are subject to the ASX Listing Rules.
Magellan cited greater choice in how to invest in Open Class Units and greater efficiency in ASX trading of Open Class Units, as some of the benefits of the restructure.