Chris Mackay, the fund manager behind the $1.4 billion listed investment company MFF Capital Investments, admitted that he hasn't been able to find a single "compelling" buy that meets his selective investment criteria, and the market's corrections have been "trivial" in depth.

Risks are building, he told MFF's annual meeting in Sydney on Wednesday. Mr Mackay is a co-founder of Magellan Financial Group and his personal wealth is estimated at $680 million according to the Financial Review Rich List. The independent MFF's biggest holdings are Visa, MasterCard and Home Depot.