And yet, if the NTA (as calculated by TEK) rises by say 30% in the next year, they will pay fees (roughly) of:
$1.8m mgt fee
$6.5m performance fee
= $8.3m total fees
= 16% of the current market cap!
This would be paid regardless of what happens to the share price. And regardless of the fact that even if it rose 30% the nta would be about 34c before tax, which would be 35% less than what it was in October 2021. And this can keep going on forever. If the fund falls 30% and rises 30% every year, they would continue to rip out those sorts of performance fees, until the share price ends up at 0. Insane.
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Ann: Net Tangible Asset Backing August 2023 with commentary, page-4
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13.0¢ |
Change
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Mkt cap ! $51.71M |
Open | High | Low | Value | Volume |
12.5¢ | 13.0¢ | 12.5¢ | $63.06K | 485.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 108999 | 12.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
13.5¢ | 332060 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 108999 | 0.125 |
7 | 264574 | 0.120 |
2 | 80000 | 0.115 |
2 | 59090 | 0.110 |
1 | 27281 | 0.105 |
Price($) | Vol. | No. |
---|---|---|
0.135 | 332060 | 5 |
0.140 | 10789 | 2 |
0.145 | 160000 | 2 |
0.150 | 20000 | 1 |
0.155 | 454156 | 2 |
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