Hi, that's not quite right but I see the confusion. The fees to the underlying manager are paid from the 0.93%, (out)performance fees from the total management cost (part of the 25bps differential you identified).
This is a rock solid part of the business model, the only downside being as markets fall there may be tiers of fee breached which could slightly reduce the margin.
On the flip-side they seem to have deals in the works, no debt and once this is over I can see a strong rebound from these lows.
Be ready for $4, page-41
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