Jun-26 FUM & flows

研报英文原文证据摘录

Jun-26 FUM & flows

Macquarie Equity Research Magellan Financial Group

Alpha Model Decomposition Key Quant Findings

The quant model currently holds a marginally positive view The Macquarie Alpha is decomposed into its sector and

on Magellan Financial Group. The strongest style exposure market relative factor & styles exposures (a higher/better

is Profitability, indicating this stock is efficiently converting percentile is coded in green, whilst lower in red).

investments to earnings; proxied by ratios like ROE or ROA.

The weakest style exposure is Growth, indicating this stock relativePercentileto

has weak historic and/or forecast growth. Growth metrics

sectors market

focus on both top and bottom line items. Factors / Styles (/812) (/383) Core factors in definition

ALPHA 44% 54% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 40% 69% Book, CF, Yield, Earnings Multiples

ANALYST 52% 28% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 89% 82% Price Momentum

multi-factor model based on a staple of quant factors such

as value, momentum, revisions, quality, and risk. GROWTH 12% 3% EPS, Sales (Forecast, Historic)

PROFITABILITY 83% 87% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Whole Universe Australia & NZ Financial Services QUALITY 70% 55% Accruals, Earn Stability, Cash Conversion

Macquarie Alpha 8006/17990 178/383 453/812 CAPITAL 61% 76% Investment/Capex, Net share issuance Model

LIQUIDITY 78% 69% Size, Turnover, Analyst Coverage

Fundamental 10323/17990 333/383 505/812 (Consensus) * LOW RISK 44% 54% Beta, Volatility, Earn.Cert, Leverage

TECHNICAL 51% 27% MACD, RSI, Bollinger, Williams R, etc

* based on Total Shareholder Return = Consensus Price target / Current Price