It seems like the last relative performance fee they earned was in the Dec13 half (correct me if wrong). It seems like they were down about 4-5% relative in the June 14half, so no performance fee payable at that point. They will need to make up all of that underperformance before they can earn a performance fee. If they manage to make that up by end Dec 14 then there will be a performance fee...but as you point out the 1 year performance as at Nov 30 was -1% or so...if that continues in Dec there will be no performance fee but if when the numbers are announced for Dec 14 and the 1 year performance is outperformance then I think they may earn a small fee.
The simplest way is to look at the 1 year outperformance for the year to Dec 14 (since the last performance fee was earned)....it is not going to be exact but will give the best approximation.......if that is positive then its possible a small performance fee would be payable...the way I would calculate it is to take the outperformance number for 1 year and multiple it by 10% and then by the average FUM in the global fund over the year...it is likely to be the best approximation. (the reason to use the 1 year outperformance is due to the impact of the High water mark).
But it depends on the 1 year outperformance number which last month was -1.15%.....
The company seemed to intimate that performance fees will be low and that seems also to be what they have been telling analysts......
MFG Price at posting:
$16.77 Sentiment: Hold Disclosure: Held
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