Eley Griffiths, page-31

an equity fund should not charge a performance fee for beating the RBA cash rate by 3%.
put it this way, not long ago the RBA cash rate was as low as 0.1%.
so these guys were claiming an "outperformance fee" if they delivered more than a 3.1% return, even if the ASX200 index
were to go up ( hypothetically ) by 20% !?!!
how is that "outperforming" ??
wrong benchmark for an equity fund !