Despite the benchmark S&P/ASX 200 (ASX: XJO) rising 9% over 2021, it hasn’t been smooth sailing for all of its constituents.
Here are the 5 worst-performing ASX 200 shares in 2021.
Year to date performance is accurate as of December 20.
#5 – AMP Ltd (ASX: AMP)
The former wealth management behemoth has had a year to forget.
Its share price is down 41%, led by a financial advisor exodus, mandate terminations and several unforced errors by management.
Unfortunately, it’s much of the same for long-term AMP shareholders.
The share price has fallen 82% over the past five years as the Royal Banking Commission highlighted a company and industry in desperate need of a shakeup.
#4 – AGL Energy Limited (ASX: AGL)
Unlike the company’s carbon emissions, the AGL share price has halved over 2021.
With climate change now front and centre of every investor, AGL’s portfolio of ageing coal assets is no longer the prized asset it was ten years ago.
Add in the competitive pressures of energy retailing (even Telstra’s getting involved), and you’ve got a business structurally and competitively challenged.
AGL will be split up in two next year in an attempt to salvage some shareholder value.
But its enormous debt burden will likely require further shareholder capital.
#3 – A2 Milk Company Ltd (ASX: A2M)
The once former market darling has fallen 52% in 2021 as the lucrative Chinese daigou market dried up.
Inventory issues, management resignations, class actions and the addition of a loss-making dairy has not helped the company either.
There is some hope on the horizon when borders eventually reopen. But how much of that demand will remain after two years?
The ongoing bickering between the Australian and Chinese governments would suggest not much.
#2 – Kogan.com Ltd (ASX: KGN)
Arguably the most divisive company, Kogan takes out the silver medal for worst performer inside the ASX 200 for 2021.
In fact, the business will be removed from the index as of January 1 due to its rapid share price descent.
Its share price has fallen 56% year-to-date, as the pull forward in e-commerce spending when the pandemic hit failed to repeat in 2021.
Kogan recently announced its ambition to reach $3 billion in sales or a tripling of revenue over the next five years.
If it can achieve that, it should be a much bigger company than it is today.
#1 – Magellan Financial Group Ltd (ASX: MFG)
Everyone’s favourite neighbourhood Spiderman fund manager has gone from hero to villain over the past year.
The flagship global fund has underperformed its benchmark by 14%, culminating in its biggest client pulling its mandate.
Add in a sudden CEO departure, a divorce for the CIO and mounting outflows has led to the Magellan share price sliding from a high of $56 in July.
It will finish the year 63% below where it started, with likely further pain on the horizon in 2022.
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