gmi flat, page-7

"Ok, I'm at note 17 "

Sorry, Note 16
Anyway, their expenses were (all numbers in '000):

Accounting, audit and other professional costs 97
Directors’ fees and related expense 161
Basic Management Fee 1887
Performance Fee 4061
Other expenses 365
Service Agreement Fee 259
-------------------------------------------------
Total 6830

Net Assets Start of Year 88,460
Net Assets End of Year 145,581

I aint paying anyone that sort of money to buy BHP & RIO for me.
Quite capable of doing it myself.

I'm not saying that these guys dont know what they're doing, its just that the discount acknowlwdges the fact that someone will cream off a certain percentage of the returns.
It adds up over time.
You've seen those 'Industry Super - no fee' ads, havent you ?