The slight p/a outperformance they highlight in their monthly is before management fees and costs.
Strip out the ~3-4% each year they are not including and they have underperformed their benchmark. Additionally their small old benchmark has significantly underperformed the ASX 200.
So net of fees this has been a dud. (Not for management of course, who have pocketed plenty)
Ann: Media Release - FY23 Results & Dividend Declaration, page-8
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