The shares of Magellan Financial experienced a significant surge, rising by as much as 12.7% to A$10.37.

If the gains hold, this could be the most substantial climb the firm has experienced since April 7, 2022.

Impressively, the company’s stock was the top performer on the benchmark stock index.

The fund managing powerhouse has declared it will distribute a final dividend of 39.8 Australian cents per share along with a special dividend of 30 Australian cents per share.

As of June 30, Magellan Financial held A$373.4 million ($239.46 million) in cash reserves.

The declaration of a special dividend reflects the company’s robust balance sheet.

The firm’s stock reached its highest peak since February 16.

Despite the odds, the company had a 2.9% increase in shares for the year, as of the last close, outperforming the AXJO benchmark’s 0.1% decline.

Magellan Financial is a prominent Australian based fund manager.