They did, They add dividends back to the NTA which put it above the IPO NTA. This makes sense. Geoff went on to say it's standard practice for most funds. Sure but it's also standard to actually have a bench mark.
There is slim to no chance of any alpha (NET, for sharesholders) vs the index's long term with the egregious fee structure. 1.1% plus expenses and 20% of every dollar they make!
Expect them to take ~35% of all the profit over time.
Ann: Appendix 4D and Financial Report, page-11
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