Ann: Appointment of Harding Loevner's Investment Team, page-5

It's up from last year! Some years are better than others. The one year they dropped significantly was when they carried out a buyback instead of a dividend. This is largely own by directors and Sol Patts and has low liquidity. I suspect this Dividend will be substantial...

I got the following details from the last reports which measured April to April (so not the financial year, but still a decent indication - The largest fund that I can see is the Australian equities fund (close to $1 billion) and the benchmark is Cash rate plus 6%. Not a high hurdle, and they were tracking at 27%. That fund lands Performance fees of 10% of everything above the benchmark
The next biggest fund is the Emerging Companies (20% of anything above ASA Small cap. Currently 15% outperformance- 800mil fund). For perspective, the international funds were around 300mil mark for funds managed.

High Conviction outperformed again but that's less than 50mil. I'm not an expert, but I think this business is transparent enough to work out when they are doing well. They disclose a lot in their reports, so it takes out the guess work. And it looks like PE1 can only be a sleeping giant for future years, which should deliver over the next few years. Obviously DYOR.. but I don't mind that it is this cheap. I bought some more today. I have EZL too and glad I had them before they announced the dividend.. PCG and NGI will post great numbers. Any fund manager with low benchmarks will be swimming in outperformance dollars.