Isn't it more true that the numbers we're enjoying include some of the fees having been waived by JBL?
Also, you say 'raw investment portfolio', but the prospectus says:
"• the investment universe of the Portfolio is very broad, with the flexibility to also invest in unlisted financial products providing the Company with the opportunity to take advantage of undervalued securities with the potential for significant increase in value;" (p. 13)
That means the *only* difference to HML is the more concentrated investment selection and the extra fees. Chances are I'm still in Just pointing it out...
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