The Magellan Financial Group Ltd (ASX: MFG) share price has rocketed out in front of many of its S&P/ASX 200 Index (ASX: XJO) peers in the first three sessions of 2023.
Stock in the much-talked-about fund manager has gained 11% so far this year. That’s seen it regain most of its December losses already.
The Magellan share price closed 2022 trading at $8.94 â more than 50% lower than it was at the end of 2021. However, 2023 has â so far, at least â brought a change in fortune.
Right now, the Magellan share price is $9.93.
That makes it one of the top-performing ASX 200 shares of the (albeit short) year so far.
Other notable gainers include Sayona Mining Ltd (ASX: SYA) and BrainChip Holdings Ltd (ASX: BRN). Their shares have risen 11.6% and 10.7% respectively since the final close of 2022.
So, what might be going right for the Magellan share price this week? Letâs take a look.
What’s boosting the Magellan share price this week?
Interestingly, thereâs been no word from the embattled ASX 200 fund manager.
In fact, the last time the market heard news to move the Magellan share price was early last month when the company announced a $2.5 billion funds under management (FUM) outflow for November.
It likely came as no surprise when the market bid the stock 3.3% lower on the back of the news.
And we might be due for another update in the near future. Magellan typically dropped its FUM updates in the first week of a given month over much of 2022.
Itâs also worth noting the strong performance put out by Magellan’s home sector, the S&P/ASX 200 Financials Index (ASX: XFJ), this week.
After dropping 1.9% in the first session of 2023, the sector picked itself up to gain 2.8% over the course of yesterday and today, leaving it 0.8% higher than it ended 2022 right now.
The ASX 200, meanwhile, has risen 0.4% since the final close of last year.
The post Flying start: Magellan share price surges 11% in 2023 appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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