Ann: Daily share buy-back notice - Appendix 3E, page-79

It's maybe not the best structure but the fund has still outperformed the relevant ASX benchmark since inception. So it wouldn't be short of any high watermark even if they set one at inception?


For comparative purposes for what it's worth the other Watermark funds charge performance fees over RBA plus a very small percentage from memory so I'd rather have this structure.


AEG charge performance fees on any positive returns I think.

I don't want to stick up for them too much, I agree it is generous for them. But I have seen far worse few structures around in other LICs.