oh...doh....I think I partly worked out what may have happened. I didn't account for new investment flows which are not subject to the High water mark!.......if they averaged $400m/month in new flows then over a six month period and assuming 4% outperformance..then that is about $10m of fees.....then I would assume that they made some good fees from an absolute performance mandate that I cannot see.......still does not get us all the way but part of the reason perhaps. Such a rookie mistake to make!
still need to see the final performance numbers for Dec 14 which may have also showed a turnaround on the 1 year performance numbers......
MFG Price at posting:
$16.75 Sentiment: Hold Disclosure: Held
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