MAAT Total Expense Ratio 4.28%!!!, page-7

cutty - Unlike everyone else I've actually done the final TER (not theoretical!) for MA1 for each year it has been in operation. It's over 3% without performance fees and typically over 5% when they do apply. This is before tax effects add further drag (even if most is eventually returned as franking credits.)

Monash is not exceptionally bad in fee policy, it's pretty typical. Virtually all true active funds have shockingly-high TERs compared to their disclosed Management Fees. But the sub-scale funds have a huge problem with their costs being applied over a small base. Monash is a sub-scale fund and it is setting itself up for massive underperformance.

I'm so confident that I'll be proven right about MAAT's underperformance given this huge handicap, I'm happy for you to remind me of this prediction each year after they publish their annual report. I'll calculate the TER for you and it will be the only explanation that's needed.