And yet, if the NTA (as calculated by TEK) rises by say 30% in the next year, they will pay fees (roughly) of:
$1.8m mgt fee
$6.5m performance fee
= $8.3m total fees
= 16% of the current market cap!
This would be paid regardless of what happens to the share price. And regardless of the fact that even if it rose 30% the nta would be about 34c before tax, which would be 35% less than what it was in October 2021. And this can keep going on forever. If the fund falls 30% and rises 30% every year, they would continue to rip out those sorts of performance fees, until the share price ends up at 0. Insane.
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Ann: Net Tangible Asset Backing August 2023 with commentary, page-4
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
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Price($) | Vol. | No. |
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No. | Vol. | Price($) |
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10 | 994358 | 0.130 |
4 | 56207 | 0.125 |
3 | 48491 | 0.120 |
1 | 9099 | 0.110 |
Price($) | Vol. | No. |
---|---|---|
0.140 | 500020 | 2 |
0.145 | 210000 | 3 |
0.150 | 51333 | 2 |
0.155 | 150000 | 1 |
0.165 | 27600 | 1 |
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