Magellan’s under-siege chairman, Hamish Douglass, has urged investors to shut out the noise generated by day-to-day share price volatility despite the fund manager’s own valuation diving nearly 8 per cent on Thursday after shares in Meta, one if its major holdings, collapsed.

Mr Douglass claimed he was undeterred by the tech rout that has gripped Wall Street and some of Magellan’s largest positions including the Facebook parent and Netflix over the past fortnight, speaking at Morningstar's Investment Conference.