Lots of funds work like that... They have a benchmark they are required to beat and any underperformance must be made up and high watermark surpassed before they charge performance fees.
Funny enough the Wilson funds I have looked at never have both the conditions.
WAM resets the performance each year, so they don't have to recover prior underperformance.
WAR has no benchmark and just take 20% of every dollar they make.
Funds management is all smoke and mirrors and Wilson funds do it well. Look at huge number of mum and dad investors they have eating up the crappy porridge they serve.
WAM Price at posting:
$1.64 Sentiment: Sell Disclosure: Not Held
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